Regulators and rivals seek new ways to kill Bitcoin

by Anorak | 5th, June 2021

The powers that be are dreaming up new ways to throttle Bitcoin and other cryptocurrencies, aren’t they? China want users to pick its State-backed coin and approved projects. And won’t someone think of the kids, rare breeds and the planet? Bitcoin’s energy use has more than doubled in 12 months from 55 terawatt-hours (TWh) to 125 TWh – giving it a carbon footprint similar to Poland. In May 2021, West Midlands Police looking to raid a cannabis farm in Sandwell, discovered around 100 bitcoin mining machines running off the electricity supply. One site argues that “for regulatory purposes, bitcoin should be considered similar to the global trade in Chinese tiger parts.”

More than 50 companies dealing in cryptocurrencies could be forced to shut after failing to comply with UK anti-money laundering rules.

The City watchdog said an “unprecedented number” of crypto firms are withdrawing applications from a temporary permit scheme that allowed companies to continue trading while their applications were being assessed.

The Financial Conduct Authority said: “A significantly high number of businesses are not meeting the required standards under the money laundering regulations resulting in an unprecedented number of businesses withdrawing their applications.”

They’ll use the old ways and news ways to regulate he rival.

Spotter: Telegraph

Anorak

Posted: 5th, June 2021 | In: Money, News, Technology Comment | TrackBack | Permalink

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