A prominent figure in cryptocurrencies has a prediction for how governments worldwide will crack down on bitcoin: They’ll follow the existing pattern.
The “global pattern to suppress bitcoin” consists of regulating crypto exchanges, banning initial coin offerings and requiring proof of funds, said Bobby Lee, CEO and co-founder of BTCC, which was a big Chinese bitcoin exchange until it shuttered in that country last year as Beijing banned domestic exchanges.
The pattern also has been to require stricter “know your customer” processes, while limiting transfers and levying taxes, he said. (Proof of funds refers to documentation that one has the means for transactions.)
“This is the pattern,” said Lee in a keynote speech Tuesday at the Blockchain Week 2018 conference in London, as he shared the slide pictured below.
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