[2018-01-25] UK Prime Minister to Look at Bitcoin Action ‘Very Seriously'

[Ouissem]

U.K. Prime Minister Theresa May has promised to consider clamping down on bitcoin as she raised concerns that cryptocurrencies are being used by criminals.

“In areas like cryptocurrencies, like Bitcoin, we should be looking at these very seriously,” May said in a television interview in Davos with Bloomberg’s Editor-in-Chief John Micklethwait. Action on crypto-currencies may be needed “precisely because of the way they are used, particularly by criminals,” she said.

The digital currency can be used to buy anything from drugs to cupcakes and is seen as having the potential to reshape the global financial system. The price of bitcoin soared in 2017 but there have been calls for cryptocurrencies to face tougher regulation.

The surge in bitcoin use has been “increasingly developing,” May said on Thursday. “I think it’s something that we do need to look at.”

When the U.K. leaves the EU, May wants more technology companies to set up in the U.K. Britain “already has a leading edge” in the development of artificial intelligence, she said. “We are already an attractive place for businesses to come and set up.”

Source : https://www.bloomberg.com/news/articles/2018-01-25/u-k-s-may-will-look-very-seriously-at-action-on-bitcoin

[Kprawn]

How is she going to handle the "cash" purchases of drugs, because "cash" is still the primary method to buy drugs in the UK

and the rest of the world? Will she over regulate "Cash" use or promote a "Cashless" society? Will they ban "Cash"? The UK is

already a "Police state"... just look at the CCTV coverage in most big cities. One of these days, cash will be replaced by some

"GovCoin" where none of your transactions will be private and everything being accessible to the government. What a world to

live in. 

[Ouissem]

We have to face it now : the regulation train is arriving. There will be GovCoins and BankCoins, it's just a matter of time. But we'll have, as users, to not use them and prefer original ones.

[Qartersa]

We have to face it now : the regulation train is arriving. There will be GovCoins and BankCoins, it's just a matter of time. But we'll have, as users, to not use them and prefer original ones.

This got me stunned at the moment. I know governmental regulation can do wonders especially that Bitcoin phenomena has reached this far, but the ultimate question is, how far can they go? They always say that they are worried on Bitcoin's usage because it is used by criminals to proliferate their illegal causes. Come on, aren't cash also used for illegal activities for centuries now? Yes, I am echoing the earlier post here but I am emphasizing on the fact that they are too eager at regulating cryptos yet they have not even perfected the regulation of cash per se. I understand that governments would always look after the best interest of its people but what I do not subscribe to is how illogical they seem when they raise their defense on the subject at hand. They have to at least lay factors that would strongly lean towards the traditional fiat system rather than focusing on destroying the innovation of digital currencies.

[DooMAD]

Given how woefully inept the tories are when it comes to technology, I can't say I'm overly concerned.  At one point, under former PM David Cameron's "leadership" (if you can even call it that), the tories proudly boasted they were going to ban all encryption 'cuz terrists.  It wasn't until some time later when the monumental halfwits eventually realised you can't actually ban an entire branch of mathematics.  Not to mention the fact that the entire traditional banking and finance sectors, along with every online commercial and business presence in the UK relies on encryption in order to function on a daily basis.  They're beyond stupid.  I don't even think there are words that come close to describing that level of brainlessness.  To say they "don't get it" would be a colossal understatement.

I'd strongly suggest no one lose any sleep over this announcement.  May's barely holding on to her job.  Even if by some miracle the tories did find two braincells to rub between them, by the time they figured out how to clamp down on Bitcoin, I'm hoping the British public will be smart enough to have voted them out of government by then anyway.

U.K. Prime Minister Theresa May has promised to consider clamping down on bitcoin as she raised concerns that cryptocurrencies are being used by criminals.

Source : https://www.bloomberg.com/news/articles/2018-01-25/lagarde-says-cryptocurrency-mining-is-consuming-too-much-power

Think you've got the wrong link there.  Should be: https://www.bloomberg.com/news/articles/2018-01-25/u-k-s-may-will-look-very-seriously-at-action-on-bitcoin

[Taki]

How is she going to handle the "cash" purchases of drugs, because "cash" is still the primary method to buy drugs in the UK

and the rest of the world? Will she over regulate "Cash" use or promote a "Cashless" society? Will they ban "Cash"? The UK is

already a "Police state"... just look at the CCTV coverage in most big cities. One of these days, cash will be replaced by some

"GovCoin" where none of your transactions will be private and everything being accessible to the government. What a world to

live in. 

Yeah, it is the same like to talk about English Pound and it's use by criminals and terrorists. I just "admire" how government easy ban everything that they can't regulate and control, why don't they make an effort in understanding of crypto currencies and try to regulate it taking in view the experience of other countries where such process has started already?

[Ouissem]

Think you've got the wrong link there.  Should be: https://www.bloomberg.com/news/articles/2018-01-25/u-k-s-may-will-look-very-seriously-at-action-on-bitcoin

Thanks. I edited the post. Don't know what happened with my previous link.

[LuanX3]

Criminals? Really? Ok let's break it down for our dear Prime Minister. First of, if it was indeed used for crime it is not the way the criminals paid for whatever illegal shit they are buying. The point is it is happening regardless of whether cryptocurrencies are involved or not! This has been the notion about cryptocurrencies for years, but they do not consider the fact that fiat is used in 99% of all illicit transactions and likely cryptocurrencies just makes up that 1%. They should consider comparing crypto and fiat in terms of how much exposure the two have in all illicit transactions, so we don't just see crypto in a bad light.

[European Central Bank]

crypto is already effectively banned in the uk by the banking cartels. if the uk government was sensible they'd issue some regulations so proper exchanges could open and the p2p channels started to wither.

for a country that's been at the forefront of market innovation i find it really weird how the british government has almost totally ignored this area. imagine how much further ahead japan will be in a few short years from now.

[onrise]

We have to face it now : the regulation train is arriving. There will be GovCoins and BankCoins, it's just a matter of time. But we'll have, as users, to not use them and prefer original ones.

Well what I think that can happen is that government will ban all the cypto currencies and only allow which is issued by their county or banks and which will be regulated by themselves. Rest of the coin they may put an end and thus all other coins can get dump easily if such things started to happen and other government starts to follow this rules.

[bbc.reporter]

The banks in the UK must be pressuring her to do something about bitcoin and the cryptospace before it gets out of control. They also cannot risk their government look as if they do not have control over its country's financial system. I reckon they might follow what China did.

In any case, what is the situation of bitcoin and altcoins over there these days? Is there really a ban, or are the people there not listening hehehe?

[Wargika]

How is she going to handle the "cash" purchases of drugs, because "cash" is still the primary method to buy drugs in the UK

and the rest of the world? Will she over regulate "Cash" use or promote a "Cashless" society? Will they ban "Cash"? The UK is

already a "Police state"... just look at the CCTV coverage in most big cities. One of these days, cash will be replaced by some

"GovCoin" where none of your transactions will be private and everything being accessible to the government. What a world to

live in. 

With the traceability of the bitcoin, drug dealing could be reduced.

[European Central Bank]

The banks in the UK must be pressuring her to do something about bitcoin and the cryptospace before it gets out of control. They also cannot risk their government look as if they do not have control over its country's financial system. I reckon they might follow what China did.

In any case, what is the situation of bitcoin and altcoins over there these days? Is there really a ban, or are the people there not listening hehehe?

there is no ban there. there is a de facto ban from banks. they never have wanted anything to do with it and they still don't. the only time businesses related to crypto have gotten an account was when they lied to the bank.

[Kprawn]

How is she going to handle the "cash" purchases of drugs, because "cash" is still the primary method to buy drugs in the UK

and the rest of the world? Will she over regulate "Cash" use or promote a "Cashless" society? Will they ban "Cash"? The UK is

already a "Police state"... just look at the CCTV coverage in most big cities. One of these days, cash will be replaced by some

"GovCoin" where none of your transactions will be private and everything being accessible to the government. What a world to

live in. 

Yeah, it is the same like to talk about English Pound and it's use by criminals and terrorists. I just "admire" how government easy ban everything that they can't regulate and control, why don't they make an effort in understanding of crypto currencies and try to regulate it taking in view the experience of other countries where such process has started already?

The "Money Laundering" and the "Links to Terrorism" and "Bitcoin is used to buy Drugs" is just scare tactics to influence

people to accept their strict control and regulations. They are under massive pressure from the Puppet Masters to regulate

and possibly kill Crypto currency use. {Who are funding most of their election campaigns?} Bitcoin is threatening their

control and they do not like that at all.... if regulation fail, the Ban hammer will come down on Bitcoin. {actual goal}