UK Home Office: The government should create a crime-fighting cryptocurrency

Crime | June 29, 2015 By:

The UK Home Office believes the government should consider creating its own digital currency that limits anonymity and increases the traceability of transactions.

In a response to the Treasury’s call for information on digital currency, the Home Office highlighted both the positives and negatives of existing digital currencies, such as bitcoin.

The UK Home Office also highlights some of the associated downsides, such as the fact cryptocurrency affords a degree of anonymity to criminals.

With this in mind, the Home Office said in its submission: “We believe that there might be a number of advantages of any digital currency for the UK being created and owned by central government.”