Stephen Barclay, the economic secretary to the Treasury, set out the government’s plans in a written parliamentary answer in October. European governments including the UK are seeking to strengthen the regulation of bitcoin and other cryptocurrencies in an effort to prevent them being used for money laundering and tax evasion. The anonymity of the virtual currencies has made them popular with drug dealers and other criminals seeking to transfer funds for illegal activities without leaving a trace. Bitcoin’s price surged above $11,000 on Monday after news that the US government had approved plans to regulate digital currencies.
European governments including the UK are seeking to strengthen the regulation of bitcoin and other cryptocurrencies in an effort to prevent them being used for money laundering and tax evasion. The anonymity of the virtual currencies has made them popular with drug dealers and other criminals seeking to transfer funds for illegal activities without leaving a trace. Bitcoin’s price surged above $11,000 on Monday after news that the US government had approved plans to regulate digital currencies.