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British Communications Headquarter is paying a keen Attention on Bitcoin

Dec 13, 2017 Posted /  1865 Views

British Communications Headquarter is paying a keen Attention on Bitcoin

British GCHQ Agency officially allowed to closely watch Bitcoin

After being founded in 1919 the Government Communications Headquarters, also known as GCHQ has been doing its Job of Keeping Britain save. The agency is reported to be using all possible means to access information from both domestic and foreign possible threats including hacking into phones and computers of its own citizens. After WikiLeaks published diplomatic documents leaked by Snowden, a former army subcontractor in 2015, the full extent of the dirty deeds the GCHQ sister security agencies in the US does was brought to light. The agencies deployed a malware named Smurf Suite which was used to hack into cell phones of millions of people around the globe.

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With a known extent of the capacity of the GCHQ, it is clear that the agency has been paying attention to Bitcoin far earlier before the government could allow it to officially do so. When it comes to spy agencies and cryptocurrencies expect the worst, it possible that the GCHQ has in its possessions private keys and passwords to millions of cryptocurrency user accounts across the world in the database. The GCHQ has access to numerous classified government technologies like RATs and Keylogging software it uses to easily beat user security and obtain the information it wants.

According to Christ Enso, the deputy director of the GCHQ’S National Cybersecurity center division, the British government ordered the agency to investigate the security risks associated with the use of Bitcoin in the country. He told the Daily Telegraph that the agency is interested in anything that could affect the country and says Bitcoin is now the major focal point at the Cyber Security center division of the GCHQ.

Major Security Agencies are scrutinizing Bitcoin

The British security agency is reported to have deployed a vast amount of its resources to explore Bitcoin from many various angles and determine all possible security risks and threats it could pose to the country’s monetary system. The agency is not only exploring the negative sides having Bitcoin but also the possible Benefits of using the Bitcoin’s blockchain Technology. This came after many British Politicians gained lots of interests on Bitcoin in turn getting them worried about the risks the currency could be carrying.

Chris Ensor further revealed that a lot of government departments wants to deploy the use of Blockchain and Bitcoin into their services but are rather curious about its safety prompting them to run to the GCHQ for advice. He said his agency is assisting the UK’s Treasury the main Banking system in the country on issues to do with Bitcoin and cryptocurrency regulations.  The Treasury is concern about the capabilities cryptocurrency can be used for tax evasion and Money Laundering Crimes. As of now while Bitcoin is at one of its best ever performance the world’s top security agencies are scrutinizing the Cryptocurrency inside out.

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