The UK government and other European governments are planning to regulate Bitcoin and other crypto currencies. The Treasury in the UK is planning to bring Bitcoin inline with other currencies, for both money laundering and also for tax and counter terrorism.
This means that any Bitcoin exchange in the UK will be required to carry out the same money laundering checks as the banks and building society would. They will also be required to report any irregular transaction and disclose peoples identities.
One of the attractions to Bitcoin and other digital currencies is that it is completely anonymous, this could be abut to change with these new rules. The new rules are expected to be introduced in the UK and in Europe next year.
Regulation of Bitcoin and other digital currencies in the UK and Europe could end up being a positive for the currency. As it would be treated exactly the same as any other currency, so it could end up being more widely adopted.
The currency has seen record growth this year, it started at just under $1,000 back in January, last week it passed the $10,000 and then the $11,000 mark.
Source The GuardianFiled Under: Technology News, Top News