The Treasury want to control Bitcoin

19 March 2015

bitcoin1-300x300 The whole idea behind cryptocurrency , from what we can tell, is that it is border-free and not centralised. It sprung out of a dissatisfaction of trad. arr. banks and wants those pesky politicians and bankers to stay away.

We also know that cryptocurrency is referred to as 'Bitcoin', like most people call all vacuum cleaners, hoovers.

With all that in mind, HM Treasury has announced that they'd like to regulate and centralise digital currencies, thereby taking it from cryptocurrency to plain ol' currency, which they already look after. Their goal, according to a very tedious 28-page document, is to prevent criminals misusing it and to support innovation.

The Bank of England are also really interested in it, saying that they wanted to release their own version of Bitcoin, which again, seems a bit odd, seeing as they already have actual money to play with, which has served them well.

Either way, the suits are circling and this document is in response to a public call for input on the development of digital currency regulations. The report itself looks at what the government can do next, what benefits there are and the risks of cryptocurrency.

Government says: "The government considers that digital currencies represent an interesting development in payments technology, with distributed, peer-to-peer networks and the use of cryptographic techniques making possible the efficient and secure transfer of digital currency funds between users. The government notes that the potential advantages are clearest for purposes such as micro-payments and cross-border transactions."

So there you have it - Bitcoin et al is being taken seriously by the people from the halls of power.

TOPICS:   Banking

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