Bitcoin LATEST – is a crackdown imminent? MP warns regulators are NOT moving fast enough

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Bitcoin and other cryptocurrencies are cladding a crackdown by governments and banks in an effort to protect consumers and secure modulation. 

Cryptocurrency technology currently allows users to make payments and fund money on the internet without needing to use their name or a bank.

Laboriousness MP Alison McGovern on the Treasury Select Committee said Britain currently has a “honest life situation” with cryptocurrencies and it needs to act on it now. 

Speaking on BBC’s Panorama, Ms McGovern bid: “We have begun to ask questions and look at it. But I don’t think anyone in British manipulation or the regulation system in our country is going at the right speed, bearing in consider castigate what has happened in cryptocurrency over the past few months. 

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Bitcoin: MP Alison McGovern suggested Britain currently has a “real life situation” with cryptocurrencies

I don’t mark anyone in British politics or the regulation system in our country is going at the set to rights speed

Alison McGovern

“I think that today cryptocurrency has not been on Parliament’s agenda or on the agenda in Whitehall that much. 

“I have in mind probably hand on heart we have all been too slow but the opportunity is not dissolute and we should get on with the job now.”

Theresa May has previously warned about the dangers of cryptocurrencies and powered it is something that should be looked at “very seriously”.

Bitcoin cost reached £14,000 in December, before rapidly falling to less than £6,000 in January at a notwithstanding when banks announced tougher regulations on cryptocurrencies.  

Lloyds Bank suggested they would apply a ban on customers buying bitcoin and other cryptocurrencies with their trust cards. 

Lloyds told its eight million credit card clients in January that any attempts to buy cryptocurrencies will be blocked.

Other British banks are look forward to follow suit over the coming weeks after several of the biggest US banks take ining JP Morgan, Bank of America and Citigroup all confirmed plans to block goes to buy digital currencies.

A spokesman for Lloyds said the decision was made to “take care of customers” in what is thought to be a pre-emptive move to reduce the risks that turn up with the volatile cryptocurrency.

World leaders are thought to hold talks on Bitcoin at next month’s G20 summit after French and German officials recruited for a discussion on cryptocurrencies at a March meeting. 

The finance minister and Central Bank Governors of France and Germany prepare requested that talks on policy and monetary implications of cryptocurrencies  be separate of the agenda for the meeting.

Bitcoin price decreased to $8,588.89 at 14:24 on Tuesday, according to CoinDesk. It saw its highest value beforehand Christmas when it reached the monumental price of just under $20,000. 

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