Ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being dodge coin to bitcoin to launder money and dodge tax. Bitcoin amid growing concern it is being used to launder money and dodge tax. 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. The new rules, which will be applied across the European Union, are expected to come into force by the end of the year or early in 2018, the minister in charge has said.
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Saudi officials sitting in a high-speed train, ahead of their trip, at a station in Saudi Arabia’s holy city of Mecca. We rely on advertising to help fund our award-winning journalism. We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future. Thank you for your support. The effusive praise for this cryptocurrency is nothing but self-generated flimflam. The security for clearing these public transactions came from industrial strength cryptography, which effectively makes each bitcoin trade more costly to validate than the last.
After getting the bitcoin party started with a few initial trades, the enigmatic Satoshi disappeared, leaving his creation to expand pretty much on its own. But more than anything else, the bitcoin enthusiasts are attracted by the fact that the value of these tokens, measured in real currencies, has been rising steadily, up for than 1,600 percent in 2018 alone. The reason for the steady increase in the value of bitcoin is pretty simple: a shrinking float. Stripped down to its basic elements, bitcoin is a classical fraud, a form of high-tech gaming that has captured the imagination of millions of greedy and gullible people around the globe. Participants exchange a legal tender dollar or some other real asset, for example, for a share of the limited supply of bitcoins at whatever the current price may be at the time. Bitcoin is an old fashioned fraud clothed in the new age wonder of technology. Promoting bitcoin is not so much about a new asset class as its is a class of felony, yet civil authorities have so far been unwilling to shut it down.
Bitcoin is perhaps the most impressive speculative bubble in modern history and one that will tolerate no contradiction since it gains credibility as the price soars ever higher. Securities and Exchange Commission Chairman Jay Clayton said this week. There are tales of fortunes made and dreamed to be made. Although the SEC has begun to regulate offerings on cryptocurrencies in the US, the Commission does not regulate the tokens themselves. From an investment perspective, the only reason to hold bitcoin is the belief that a greater fool will pay more tomorrow than you did today.