Bitcoin bulls piling back in despite increased UK Treasury regulation proposal's drop
- Bitcoin drops hard in Asia on.
- Bitcoin bulls buying back in though.
The Telegraph reported today that the Treasury will regulate bitcoin, concerned about money laundering and illegal activity.
The Telegraph wrote that the UK "ministers are launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax."
The treasury wants to regulate bitcoin and force traders to disclose their identity and report suspicious activity.
The UK and European regulators are now joining China in cracking down on capital flight with the UK Treasury that will now force traders dealing in cryptocurrencies to disclose their identities and report suspicious activity. "the Treasury has now said it intends to begin regulating the virtual currency, which has a total value of £145 billion, to bring it in line with rules on anti-money laundering and counter-terrorism financial legislation," the article revealed.
However, whether this will have any lasting effect on the price of Bitcoin is yet to be seen, as remembering back to when the Chinese authorities cracked down on the space in September, Bitcoin has since risen nearly fourfold.
This news comes around the time that the entire crypto space dropped suddenly with Bitcoin falling from Sunday/Monday Asia session highs, at just under $12,000, to a low of $10,600 before bouncing back to $11,147 at the time of writing.