BitCoin

Bitcoin is a digital currency that people can use instead of money. There has been a lot in the news about how it works and what is it about.  The thing is that bitcoin is used for various illegal activities and was even used for the notorious drug dealing website Silk Road.  As the popularity (?) of bitcoin increases, there are lots of people who are setting up all manner of new ways to make bitcoins.  Why bring this up here?  Why even bother about it? It's something that can be used for tax evasion AND illegal activities.  As a result it's something that should be more of interest for the rest of us.  These people could sell a bitcoin for £45 tax free and to be used as an untraceable payment .

So who would be the best to start this situation? How about the Bank of England? They are the ones who set interest rates and look after the general economic welfare of the UK. Turns out they haven't even discuss the matter (Since 2013).  Another FoI Request will be needed for an update on this.  Her Majesty's Revenue and Customs has held a digital currency meeting, but released more information on this. The Home Office refused to answer, The treasury refused to answer, and the financial conduct authority did not answer either.  This makes me wonder… The thing is all of the above requests were made in 2013.  Has things changed since 20163?  Well, that's another FOI that I would have to do another day (I have currently used up my 10 a day on whatdotheyknow.com)

So let's think sideways about this; there are other ways we can see what the government thinks about BitCoin.  Firstly, Bitcoin is an online currency and also a forensic account issue.  We have explored the issue of forensic accounting on my post on Panama.  So the next question that we have is computer forensics. Who would be the best people to ask?  The Crown Prosecution Service.   At time of writing, I don't know.  How about the Metropolitan Police department?  I asked them the same question which was:

1) How many people are in your organization have a degree or higher in forensic accounting

2) How many people are in your organisation have a relevant qualification in computer forensic computing

3) What studies have been done by your department into the investigation of Bitcoin being used in criminal activity

The Met’s response is here, and the CPS response is here. So why did I ask this?  Because it gives an indication of the capability of these organisations ability and thought regarding the use of bitcoin. It also shows what they have thought about the issue to and if they are keeping up - to - date on new technological  advances.  If the FBI can take down silk road, then why can't the Met and other organisations take down the illegal use of bitcoin.