• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Encryption Systems Crackdown to Hurt UK Bitcoin Firms newsbtc bitcoin news
Nexo Logo

Encryption Systems Crackdown to Hurt UK Bitcoin Firms?

newsbtc by newsbtc
7 years ago
in Uncategorized
Reading Time: 2 mins read
Advertisement

Due to the recent terror attack in Tunisia that caused fatalities for 30 UK residents, government officials have emphasized the need to have a crackdown on encryption systems. This raised the issue of anonymity among bitcoin transactions and secrecy with bitcoin firms.

In a previous speech, UK Prime Minister David Cameron mentioned that the government does not approve of a communication medium that is completely shrouded in secrecy. What could this mean for bitcoin firms if the UK imposes laws pertaining to encryption?

Bitcoin Firms in Trouble?

Bitcoin transactions are considered anonymous, as there is no record of counterparties involved in the exchange. The transaction verifications are simply conducted by a network of computers solving complex algorithms to add blocks of code to the blockchain, which is the public ledger of transactions.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Most bitcoin firms based in the UK have been relying on this form of exchange, whether it’s about facilitating payments between online merchants and customers or money remittances abroad. Imposing a ban on encryption could be potentially harmful for these bitcoin firms and might even lead some to shut down operations. However, even the UK Parliamentary Office of Science and Technology has pointed out that a total ban on encryption might not be feasible.

Nonetheless, Eris Industries which helps firms with building distributed blockchain and smart contract applications already said that it would move its headquarters away from the UK in case an encryption ban is implemented in the country. “The idea of banning crypto is so patently ridiculous that I and many others in the data security space were so stunned by the idea that we laughed it off,” said COO Preston Byrne.

Although Eris isn’t really a financial company and does not hold any funds from users, its operations could still be at risk. After all, the tools it uses to build its distributed applications such as PGP, Tox or IPFS, rely on strong cryptography in order to provide a peer-to-peer platform with the same functionality as a web server.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Tags: bitcoin londonbitcoin regulationBitcoin UKNews
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
newsbtc

newsbtc

Related Posts

XRP

XRP Has Dropped To $0.34, What To Expect In The 24 Hours?

23 mins ago
Bankman-Fried, a target and a dart

Bankman-Fried Is Looking At “Secretly insolvent” Small Exchanges & Crypto Miners

39 mins ago
Bitcoin

TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

56 mins ago
Solana

Solana Broke Its Nearest Support, Vital Trading Levels To Keep An Eye On

3 hours ago
Ethereum

Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon

5 hours ago
Ethereum ETH ETHUSD

CME Net Short Exposure Reaches ATH: Why Institutions Are Bearish on Ethereum

6 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Luxury Rolex watches and Real Estate in the Metaverse: Chronoly (CRNO) and Decentraland (MANA) Could Dominate

June 29, 2022

When Marketplaces Meet Predictions: The Curious Case Of Fair Prediction Launches

June 28, 2022

Globiance Goes Live on CoinMarketCap And 6 Exchanges (CEX)

June 28, 2022

Why is Klein Finance so important to KCC (KuCoin Community Chain)?

June 28, 2022

LBank Exchange Will List SENSO on June 28, 2022

June 28, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.