Senior MP says cryptocurrencies are being used to launder money, buy illegal goods and evade international sanctions
Cryptocurrencies are being used to launder money, buy illegal goods and evade international sanctions, a senior MP says.
Launching an inquiry into the industry, Treasury Select Committee chairman and Tory MP Mel Stride said there were “significant concerns” about how digital currencies and other assets work and a crackdown may be needed to protect businesses and consumers.
The comments came amid warnings of a “crypto winter” when the value of digital currencies plummets.
Don’t count on it: Bitcoin, the world’s largest cryptocurrency, is trading below $20,000 after approaching $70,000 in November
Bitcoin, the world’s largest cryptocurrency, is trading below US$20,000, after approaching $70,000 in November.
Stride said: “Crypto-assets have the potential to bring new and ground-breaking changes to the financial system, economy and society in the UK.
“There are serious concerns about their use to launder funds, purchase illegal products and evade international sanctions.
“We will explore the opportunities and risks crypto presents, where additional regulation may be needed, and the lessons the government can learn.”
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