Europol boss Rob Wainwright has called on international governments to create new laws to crack down on crypto criminals creating schemes exploiting the cryptocurrency craze to scam investors.
He said: "We need the help of regulators. We need the help of legislators particularly to crack down on these high-value investment scams and this trend of fool’s gold effectively that is offered to people as they seek to cash in on the bitcoin frenzy.
South Korea – one of the earliest countries to regulate crypto trading – has suggested taxing bitcoin profits and curbing anonymous transactions in an effort to tackle underage children and potential criminals from using the digital currency.
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Cryptocurrency technology currently allows users to make payments and store money on the internet without needing to use their name or a bank.
loyds Bank said they would apply a ban on customers buying bitcoin and other cryptocurrencies with their credit cards.
Ripple boss Brad Garlinghouse has said he does not think all cryptocurrencies will survive.
His warning comes after Bitcoin has dramatically seen its value plunge throughout 2018 from a record high of nearly £15,000 in December 2017 to now under £7,000.
Speaking at the Goldman Sachs' Technology and Internet Conference yesterday, Mr Garlinghouse said he believes “most” digital currencies will eventually lose all their value.
He said: “It's not clear what the use case is.
That's the Today's news Of Bitcoin.