04/12/17

Bitcoin crackdown as UK mulls cryptocurrency regulation

(Sky News) -- The Treasury joins European efforts to prevent virtual currencies being a vehicle for crime, including terrorism and tax evasion.

The Treasury announced the drive as work began across the EU to bring transparency to virtual currency exchanges.

Under the plan, online platforms would be forced to carry out due diligence on customers and report suspicious transactions in an effort to make them less attractive to criminals.

The pressure was applied as Bitcoin hovered just shy of its latest record value of $11,800 (£8,790) - set on Sunday - on the Luxembourg-based Bitstamp exchange.

Its value has climbed by more than 1,000% in the year to date as it became increasingly seen as a financial asset similar to gold rather than a digital currency.