January 19, 2015 » Bitcoin & So

January 19, 2015 » Bitcoin & So
January 19, 2015 » Bitcoin & SoBy Maria Santos
The TelegraphIt’s no surprise that banks aren’t particularly happy about Bitcoin’s rising popularity. The most recent example comes from the United Kingdom, where the British Bankers Association (BBA) has issued a submission against Bitcoin. In a document sent to the country’s Treasury and to the Chancellor of the Exchequer, the group of leading British banks says Bitcoin could facilitate the work of terrorists and their attempts to infiltrate the UK’s intelligence services. According to the BBA, the cryptocurrency ˜s anonymous nature and peer-to-peer structure creates unique opportunities for criminals living in and outside the country. The banks need to be able to demonstrate that transactions are legitimate and that they are not supporting criminal or terrorist activityв, the group said in a combined submission with the Payments Council. The banking association added that, at the moment, the British banks вare unclear on their responsibilities with regards to servicing those working with, paying or receiving digital currenciesв. The reality is that if terrorists and criminals harness these unregulated currencies they will be far harder for the law enforcement and intelligence agencies to hunt downв, Anthony Browne, the BBA’s chief executive, told the Sunday Telegraph. The banks and the Payments Council have also admitted they are concerned about the consequences Bitcoin might have in the British economy. If ˜convertible’ currencies were to reach mass adoption in the UK, there is a possibility that this may have an increasing effect on sterling. The Bank of England has noted that it is monitoring thisв, the submission adds. The statement was sent to the Treasury following an announcement made last year by George Osborne, Chancellor of the Exchequer and the man in charge of the Treasury’s work. George Osborne, The GuardianOsborne’s plan is to turn the UK into a вglobal
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