Brexit Britain’s Brave Stand Against Bitcoin
Crypto needs a leash, but it’s laughable to think that the City of London can hold it on its own.
It takes real money to fight crypto-money, and Britain doesn’t have any.
Photographer: Bloomberg Creative Photos/BloombergIt’s good to see politicians belatedly waking up to the risk of cryptocurrencies. British lawmakers are banging the drum for the regulation of Bitcoin, Ethereum and their brethren in order to protect consumers. It may be too late for all those unfortunates who got burned this year, but it’s still a better look than George Osborne eagerly using a Bitcoin ATM back in 2014.
Yet there’s little to suggest Brexit Britain will have the financial muscle or diplomatic clout to do much beyond grab at low-hanging fruit when it comes to digital cash. The fight against money laundering and financial crime needs serious funding and regional cooperation, both of which will be hampered by an exit from the EU.