Britain Begins Investigation On Bitcoin - MnTrendsNews

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Sunday, 10 December 2017

Britain Begins Investigation On Bitcoin

The Government Communication Headquarters(GCHQ) is closely monitoring the cryptocurrency, Bitcoin. The Agency which gained fame for deciphering German Communications via its Enigma machine at World War II has now developed a new interest in digital currency Bitcoin.

The Agency has in it's own words been "Keeping Britain Safe Ever Since", which as revealed in leaked Snowden documents includes collecting information from every visible internet user, hacking smartphones, and evesdropping on telephone calls.
GCHQ Headquarters

Chris Ensor, the deputy director for the GCHQ's National Cybersecurity Center Division, told the Telegraph that the government departments ordered it to investigate the security risks posed by Bitcoin. he said:
We are interested in anything that could affect the country, so Bitcoin is a major thing now.

The Agency is investigating Bitcoin from different angles, which include how it works, th epossible benefit of using its blockchain technology, and the possible threats it poses to the economy. The British politicians are intrigued by the new tech nut also wary.

“Government departments are saying to us ‘We want to use some of this technology so is it safe?’ or simply ‘How does it work?’” said Chris Ensor.

It is thought that the country has plans to regulate the currency amidst usual concerns about money laundering and tax evasion.

SEE ALSO - Trending: Storage Of Bitcoins In Vaults

BTC has long been synonymous with spy agencies as some people have claimed that it is a creation of either the CIA or NSA, though there is little evidence to support this.

What are thoughts? How reasonable do you think it will be for the cryptocurrency to be regulated by the GCHQ and what effects do you think it will have on the British Economy? Please let us know your views in the comments section and do subscribe to our newletter for updates on coin news.

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