Theresa May: We're "Very Seriously" Considering Action On Bitcoin

After the first round of Brexit talks coming to an unexpectedly smooth conclusion, Theresa May entered the new year grappling with members of her own party - notably Boris Johnson, her own foreign secretary - over a brewing crisis at the NHS.

So, in what we imagine was a badly needed getaway, May seized the opportunity for a star-making appearance at the World Economic Forum in Davos on Thursday, where she delivered a speech and met with President Donald Trump.

Famously a Luddite, May surprised observers by focusing on the positive advances in Artificial Intelligence and its possible benefits, while touting the UK's status as a leading innovator (behind China and the US, of course).

Speaking of flying cars and the ability to prevent pandemics, May painted a picture where many of our modern problems are ameliorated by technology.

But she also acknowleged that "as we seize these opportunities of technology so we also shape this change to ensure it works for everyone, be that in people's jobs or their daily lives."

May said "we need to act decisively to help people benefit from global growth now..."

"I was appalled by the reports that I read. What worries me is it's not just about that event it's about this wider issue in society about the progress of women..."

...I'm going to continue to work to ensure that we can get to a point where women are truly accepted and respected as equals."

* * *

Later, while responding to a question about regulating bitcoin, May promised to consider clamping down on bitcoin as she raised concerns that cryptocurrencies are being used by criminals, Bloomberg reported.

“In areas like cryptocurrencies, like Bitcoin, we should be looking at these very seriously,” May said in a television interview in Davos with Bloomberg’s Editor-in-Chief John Micklethwait. Action on crypto-currencies may be needed “precisely because of the way they are used, particularly by criminals,” she said.

Given the recent volatility in the cryptocurrency market, May said "I think it's something we do need to take a look at."

Of course, May is entirely wrong. As CoinTelegraph recently reported, a recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.

The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:

“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”

May also reiterated that investors should put pressure on technology giants to respond more quickly to extremist content on social networks, a cause she has spoken out about publicly since the the Manchester arena bombing.

Social networks must stop providing a platform for terror, extremism and child abuse, she said, according to the BBC.

Such content ought to be "removed automatically", May added.

* * *

Finally, she joined President Trump for a press conference where the president reaffirmed the "special relationship" between the US and the UK.

May added that they'd be working on a trade deal in the future to "both our benefits." Trump promised that the trade "is going to increase many times."

"The discussions that are taking place is going to lead to tremendous increases in trade between our two countries which is great for both in terms of jobs."

Tomorrow is the final day of the Forum, which, thanks to a disruptive snowstorm, produced some memorable images that will no doubt live on for months, if not years...

 

 

Trump later tweeted his satisfaction with the meeting...

 

 

Comments

Mementoil giovanni_f Fri, 01/26/2018 - 03:12 Permalink

A few months back I argued that we haven't yet seen the governments of the world taking action against crypto-currencies, and that they are bound to do so as inflation picks up and the national currencies become more and more threatened. This is yet another indicator that the "war on crypto" is coming. Gold will undoubtedly be the big winner of such a war, since it will be the only safe haven left standing. I won't be surprised if the governments will try to clamp down on gold as well, but that will prove a lot more difficult, because gold doesn't simply disappear once you shut down the miners' power supply...

In reply to by giovanni_f

BlindMonkey 52821740 Fri, 01/26/2018 - 07:45 Permalink

There is nothing like the new IRS guidance to make you groan.  Mining is income based on the USD value at the time of coin award and then you calculate cap gains at the time the coin was spent.  

 

Oh yeah.  Every millenial is dying to calculate his cap gains every time he uses his coins to buy a cup of joe from the ultra-hipster coffee joint down the street that takes cryptos.

In reply to by 52821740

shitshitshit ACP Fri, 01/26/2018 - 02:50 Permalink

 Did the Theresa Hootie hoe also took a hit on Julian Assange?

https://www.theguardian.com/media/2018/jan/24/julian-assanges-health-in…

Bitcoin clear bear market sign, along with this:

http://investmentwatchblog.com/blockchain-stocks-are-collapsing-by-40-t…

Fantastic because once the bear is over chances are McAfee will keep his dick on him, and not in his pocket. 

In reply to by ACP

JDFX Fri, 01/26/2018 - 02:55 Permalink

I'll keep saying it, ' The Kings currency is the only acceptable legal tender to settle debts in the King's courts ' . 

 

All they need do is criminalise it and issue fines payable in ? Not bitcoins but ? The King's only accepted legal tender in his courts. This includes liquidating assets to settle amounts payable Only in the King's own tender. 

 

It's been that way for centuries. Do people really think, The King , will allow uncontrolled competition in The Kings Realm ? 

 

That's just too funny...... 🤗

EddieLomax JDFX Fri, 01/26/2018 - 05:21 Permalink

Its true, if all the money paid in salaries etc is taxed at source and required by law to be in the king/queens currency, and by law all businesses must accept the kings currency then crypto's will always be a reserve or store of wealth.

Zerohedge describe May perfectly, a Ludite, she's making the perfect encouragement for me to get into bitcoin with the threat of penalties.  However, if the benefits of crypto-currencies are supposed to be fast, cheap and secure transactions then we seem to have gotten something wrong with bitcoin being $10,000!

When the insanity stops I guess there will be a use for them, but a store of wealth will always be something that people desire, precious metals, stocks and other items are real assets - crypto's can only work as money for a transaction, they have no intrinsic value.

In reply to by JDFX

Victor999 Fri, 01/26/2018 - 02:57 Permalink

Note to T. May:  If you are concerned about money-laundering (and we all know you are!!), perhaps you should be concentrating on the likes of HSBC and their fellow international banking pals.  Crypto-currency money-laundering is peanuts against that of the bankers.  

 

(Of course, if you do that, be certain to hire extra security)

The_merovingian Victor999 Fri, 01/26/2018 - 03:59 Permalink

HSBC was fined $1.9bn in 2015 for laundering money for the Sinola narco cartel. Wachovia $378.4bn of drug money laundered and fined some $169m.

JP Morgan sanctioned by FINMA for money laundering and seriously violating supervision law the very same week Jamie Dimon made his infamous comments about Bitcoin.

The list goes on and on...  Barclays, RBS, BoA...

Compare that to the estimated $170m/year darknet drug market, which for the most part is marijuana. It's peanuts. Drug money laundering is indeed highly centralised and almost entirely enabled by big Banks.

In reply to by Victor999

Brazen Heist Fri, 01/26/2018 - 03:17 Permalink

The establishment morons think publicly distributed ledgers are a great way for criminals to transact and keep low. Hahah!

Unless of course that's a pretext for trying to control what the control freaks can't fully control.

otschelnik Fri, 01/26/2018 - 03:21 Permalink

Hope Trump told May that her predecessor David Cameron autherized GCHQ surveillance of 5th and 26th floors of Trump Tower during the election. 

 

VWAndy Fri, 01/26/2018 - 03:32 Permalink

  I wonder why she dont talk about all the corruption. Just sayin if you want to talk about criminals corruption is the real deal.

Easyp Fri, 01/26/2018 - 03:34 Permalink

They, the elite, travel to Davos using hundreds of private jet flights then lecture us the suckers on the fucking environment!