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Europe set to clamp down on Bitcoins

by on04 December 2017

Cryptocurrencies used for money laundering, claim

European Union and United Kingdom regulators will take action to prevent trading in the Bitcoin cryptocurrency being conducted under conditions of anonymity, amid claims that people are hopping on the bandwagon to finance drug dealing, terrorism and money laundering.

The plans aim to make traders reveal who they are and impose rules consistent with other financial trading.

The United Kingdom has already signaled its intention to regulate cryptocurrencies amidst fears that trading in cryptocurrencies - as well as being used for criminal purposes - also destabilises the financial markets.

Meanwhile, the popular UK tabloid, The Sun, reports that a Brit dumped a laptop with over 7,000 "coins", worth an estimated £74 million now. 

James Howells kept the hard drive that contained his hoard of "coins" but it was accidently thrown away and is now deep in a landfill that is hard to "mine".

As readers of Fudzilla well know, the effect of "mining" has been to boost profits for firms like Nvidia and AMD, with "miners" forcing the price of add in cards through the roof.

Last modified on 04 December 2017
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