00Bitcoin! British Spy Agency to Review Potential Bitcoin Risks

00Bitcoin! British Spy Agency to Review Potential Bitcoin Risks

THELOGICALINDIAN - The UK is calling aloft its spy bureau the GCHQ to analysis the abeyant risks that Bitcoin can accompany and allotment that advice with added government departments

When one thinks of British spies, James Bond comes to mind. The aloof superspy is accepted for consistently disappointment villains angled on apple domination, all the while adequate a nice vodka martini and the absorption of admirable women. However, the absolute apple is far altered as intelligence agencies generally accord with awful technical, annoying matters. Sadly, James Bond isn’t activity to access into the burrow of some Bitcoin villain any time soon, but the UK government is tasking its spy agency to analysis the risks associated with Bitcoin.

The spy bureau tasked with acid abeyant Bitcoin risks is the National Cyber Security Centre (NCSC), which is an arm of the Government Communications Headquarters (GCHQ). The GCHQ is tasked with accouterment signals intelligence and advice affirmation to the UK government and its armed forces.

The agent administrator for cyber abilities and advance at the NCSC, Chris Ensor, afresh told The Telegraph that:

At the bidding of the UK Treasury, the NCSC is analytical how the cryptocurrency works, with a accurate accent aloft the abeyant allowances of the basal blockchain technology. The bureau is bringing in experts (mathematicians, academics, and industry professionals) to advice civilian agents in the UK government accept the beginning cryptocurrency field.

The acumen why the UK government is accepting the NCSC investigate Bitcoin is that it is anxious about the abeyant risks associated with the cryptocurrency. The recent surge in Bitcoin’s amount has led to government authorities to activate annoyed about the able attributes of the agenda currency.

The UK is because a crackdown on Bitcoin through regulations. Currently, there are no regulations in the UK for Bitcoin exchanges or Bitcoin ATMs. That may change as the UK Treasury is suggesting changes to European money bed-making rules that would crave Bitcoin exchanges to apperceive who their barter are. Chances are that regulations would additionally be allowable to crave analysis for a being to use a Bitcoin ATM.

Of course, a primary acumen why the National Cyber Security Centre is attractive into Bitcoin acceptable has to do with tax evaders. It’s no abstruse that abounding bodies absorber their balance by application cryptocurrency, which was acutely apparent in the contempo IRS lawsuit adjoin Coinbase. You can bet that the UK Treasury wants to get their easily on some additional, and unreported, revenue.

Like any massive authoritative entity, the UK government is actuality affected to comedy bolt up with Bitcoin and added cryptocurrencies. This banausic access is why so abounding bodies are absorption to agenda bill to avoid crushing regulations and boundless taxes. Still, it is absorbing that a spy bureau is the one asked to attending into Bitcoin, and it is appealing amusing that so abundant accomplishment has to be fabricated to explain cryptocurrency and blockchain technology to government bureaucrats.

What do you anticipate about the NCSC acid into the abeyant risks of Bitcoin? Does it accomplish you anticipate of blood-tingling car chases and agitative shootouts? Let us apperceive in the comments below.

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