The British are Coming! UK Ministry of Treasury Plans to Regulate Bitcoin

Regional reporting insists Her Majesty’s Treasury (Treasury) of the United Kingdom (UK) is “launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax.” Bitcoin enthusiasts, however, understand that the world’s most popular cryptocurrency’s continual all-time-high price records, rather than terror or tax avoidance, are drawing more governments into formal regulation policy and pronouncements.

Also read: Egypt Finance Attorney General Calls for International Governance of Bitcoin

Treasury Worries about Bitcoin and Terror, Theft

Robert Mendick and Gordon Rayner reveal the Treasury “has disclosed plans to regulate the Bitcoin that will force traders in so-called crypto-currencies to disclose their identities and report suspicious activity.”

A constant mainstream media refrain is bitcoin’s supposed anonymity in transacting, and indeed this pretext is once again trotted out to justify government intervention. Facts matter, and the fact of the matter is the digital asset is pseudo-anonymous, meaning it can be difficult to track relative to mainstream payment processes.

The irony, of course, is how arguably the most anonymous currency of all is fiat paper and metal coinage — government issued money.

“These new forms of exchange are expanding rapidly and we’ve got to make sure we don’t get left behind – that’s particularly important in terms of money-laundering, terrorism or pure theft,” explained Labor Party Minister of Parliament (MP) John Mann. Mr. Mann is also a member of the Treasury Committee.

The British are Coming! UK Ministry of Treasury Plans to Regulate Bitcoin
Paul Revere

Regulatory Lag

“I’m not convinced that the regulatory authorities are keeping up to speed. I would be surprised Read More Here