Crypto Crackdown: How would a Bitcoin crackdown manifest itself?

The sickening recent cyber attack on the UK’s National Health Service (NHS) provides the perfect excuse for governments to crack down on cryptography.

With the NHS in meltdown over the ongoing Ransomware attack, the UK government could respond by turning its attention to Bitcoin (or any other crypto-currency) users and producers.

The United Kingdom currently has no law banning the production or consumption of crpyto-currencies. However, given the recent attack on the NHS, this could soon change.

Theoretically, governments and elites around the world could attribute blame for the attack to the entire crypto-community – through guilt by association.

Here are a few ways a crackdown could manifest itself:

Closer scrutiny of Bitcoin miners

Recently in Venezuela, the Marxist government started prosecuting Bitcoin miners, accusing them of a multitude of crimes including terrorism, computer crimes and money laundering. Expect governments to pay more and more attention to Bitcoin mining activities. This could include raids on large-scale bit coin mining systems.

Could Western governments replicate the Venezuelan government’s behaviour?

Disruption of exchanges and platforms

Governments could increase the disruption of Bitcoin exchanges and trading platforms thus decreasing the means to trade and exchange crypto-currency. Coinbase was recently targeted as part of a tax-evasion probe with the US government pressurising Coinbase to reveal customer information.

Forcing banks to comply

Recently, Nigeria’s central ordered financial institutions to take actions relating to digital currencies. Banks were forced to ensure that customers did not trade, consume or deal crypto-currency.