“Action on crypto-currencies may be needed precisely because of the way they are used, particularly by criminals…”
After the first round of Brexit talks coming to an unexpectedly smooth conclusion, Theresa May entered the new year grappling with members of her own party – notably Boris Johnson, her own foreign secretary – over a brewing crisis at the NHS.
So, in what we imagine was a badly needed getaway, May seized the opportunity for a star-making appearance at the World Economic Forum in Davos on Thursday, where she delivered a speech and met with President Donald Trump.
Famously a Luddite, May surprised observers by focusing on the positive advances in Artificial Intelligence and its possible benefits, while touting the UK’s status as a leading innovator (behind China and the US, of course).
Speaking of flying cars and the ability to prevent pandemics, May painted a picture where many of our modern problems are ameliorated by technology.
But she also acknowleged that “as we seize these opportunities of technology so we also shape this change to ensure it works for everyone, be that in people’s jobs or their daily lives.”
May said “we need to act decisively to help people benefit from global growth now…”
“I was appalled by the reports that I read. What worries me is it’s not just about that event it’s about this wider issue in society about the progress of women…”
…I’m going to continue to work to ensure that we can get to a point where women are truly accepted and respected as equals.”
Later, while responding to a question about regulating bitcoin, May promised to consider clamping down on bitcoin as she raised concerns that cryptocurrencies are being used by criminals, Bloomberg reported.
“In areas like cryptocurrencies, like Bitcoin, we should be looking at these very seriously,” May said in a television interview in Davos with Bloomberg’s Editor-in-Chief John Micklethwait. Action on crypto-currencies may be needed “precisely because of the way they are used, particularly by criminals,” she said.
Given the recent volatility in the cryptocurrency market, May said “I think it’s something we do need to take a look at.”
Of course, May is entirely wrong. As CoinTelegraph recently reported, a recent report from the joint Bitcoin analysis team of FDD and Ellicit, a Bitcoin forensics company, indicates that less than one percent of all Bitcoin transactions involve money laundering.
The report, written to help analyze the flow of funds and the danger of money laundering, has indicated that money laundering isn’t nearly the problem some critics of cryptocurrency believe. The report states:
“The amount of observed Bitcoin laundering [is] small and darknet marketplaces such as Silk Road and, later, AlphaBay are [generally] the source of almost all of the illicit Bitcoins laundered through conversion services.”
May also reiterated that investors should put pressure on technology giants to respond more quickly to extremist content on social networks, a cause she has spoken out about publicly since the the Manchester arena bombing.