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Theresa May threatens Bitcoin crackdown to tackle criminal crypto use

GREY-FACED UK PM Theresa May has threatened to start clamping down on Bitcoin as she raised concerns that cryptocurrencies are being used by criminals.

The inept broom-wielding Prime Minister said in a TV interview with Bloomberg‘s Editor-in-Chief John Micklethwait on Thursday that Bitcoin is something “we should be looking at very seriously”.

With a health service in ruins and a country that is on the verge of committing economic suicide thanks to Brexit, May thinks taking action on crypto-currencies is a priority because the surge in Bitcoin use has been “increasingly developing,” especially “because of the way they are used, particularly by criminals,” she said.

Ironically, her out of depth statement was followed by May talking up her wish to have more technology companies set up in the UK after leaving the EU. She mentioned how Britain “already has a leading edge” in the development of artificial intelligence, adding: “We are already an attractive place for businesses to come and set up.”

Earlier this week, Bitcoin took a bit of a hit when South Korea announced that it will ban anonymous cryptocurrency trading from 30 January.

The new rules mean that traders in South Korea will be required to identify themselves with their real names to make deposits into virtual coin wallets, and have those details matched with information at local banks, Kim Yong-beom, vice chairman of the Financial Services Commission (FSC) told a news conference in Seoul.

From 30 January, South Korea will also ban foreigners without local bank accounts and children under 19 from buying Bitcoin.

Separately, the FSC also established an anti-money laundering guideline for cryptocurrency exchanges, Coindesk reports, which outlines situations where exchanges should stay alert to potential illegal activity.

At the time of writing, Bitcoin was trading at $10,690.14 (£7513.99), according to CoinDesk. µ

Source : Inquirer

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