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Blockchain Nears Peak Hype: UK Politicos To Probe Crypto-Coin

posted by mrpg on Monday February 26 2018, @04:26PM   Printer-friendly
from the 21-millions-of-problems dept.

Arthur T Knackerbracket has found the following story:

Title: Blockchain Nears Peak Hype: UK Politicos To Probe Crypto-Coin

Hot on the heels of Bitcoin's dramatic rise and fall - and rise, British parliamentarians have decided to launch an inquiry into digital currencies.

The Treasury Committee, one of the more influential of the House of Commons' talking shops, today confirmed it will investigate the impact of cryptocurrencies and how they can be regulated.

[...] "Striking the right balance between regulating digital currencies to provide adequate protection for consumers and businesses, whilst not stifling innovation, is crucial."

[...] Many regulators and government bodies - from the European Commission to the US Securities and Exchange Commission - have made no secret of their disdain for Bitcoin.

[...] But the committee also plans to investigate the potential benefits of cryptocurrencies and the underlying distributed ledger technology, for instance in boosting security or disrupting the economy or work of the public sector.

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  • (Score: 1, Insightful) by Anonymous Coward on Monday February 26 2018, @05:32PM (3 children)

    by Anonymous Coward on Monday February 26 2018, @05:32PM (#644038)

    Dear Fine and Honorable British MPs,
    You cannot "regulate" cryptocurrencies. You can either ban them or suffer their existence. And don't try to buy a large stake in them now in order to manipulate their values at a later date. You are not welcome in our sandbox.

    Signed,
    The Future

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  • (Score: 0) by Anonymous Coward on Monday February 26 2018, @07:13PM

    by Anonymous Coward on Monday February 26 2018, @07:13PM (#644104)

    Of course, that prohibition created organized crime on a continental scale, and then a global scale.

    Governments can wreak havoc trying to control people, so don't be so smug.

  • (Score: 3, Insightful) by All Your Lawn Are Belong To Us on Monday February 26 2018, @08:48PM (1 child)

    by All Your Lawn Are Belong To Us (6553) on Monday February 26 2018, @08:48PM (#644175) Journal

    Properly I don't think they can even ban them. They can only prevent their purchase with and conversion to currency of the realm. And even then there shalt be bootleggers - send me a wire of pounds or mail me some cash or physically courier it over to me.... I'll convert it to bitcoin for you and send you the wallet codes, and vice-versa. (Until my government bans me from doing so).

    And no, I wouldn't actually do that as I'm sure that breaks some-law-or-other in my jurisdiction. But someone will.

    They can't stop the signal.

    --
    This sig for rent.

    • (Score: 0) by Anonymous Coward on Tuesday February 27 2018, @07:17AM

      by Anonymous Coward on Tuesday February 27 2018, @07:17AM (#644523)

      Hawala for the future