Leading cryptocurrency expert Bobby Lee has predicted how governments around the world will crack down on Bitcoin.
Lee, co-founder of Chinese bitcoin exchange BTCC shut down by authorities last year, said there was a “global pattern to suppress bitcoin”.
Speaking at the 2018 Blockchain Week conference in London, he predicted a number of measures that would be taken in an attempt to control the currency:
- Regulating exchanges
- Banning initial coin offerings (ICO) and token issuance
- A requirement to show proof of funds
- Stricter know-your customer (KYC) process
- Limiting transfers
- Levying taxes
‘Get used to it’
“This is how it’s been for the last five years. This is how it’s going to be for the next five years. So get used to it,” said Lee, who is brother of Litecoin founder Charlie Lee.
“As long as you’re going from crypto to fiat [regular currency], from fiat to crypto, you will always encounter these,” he added, according to a MarketWatch report.
Lee’s comments came as world leaders used their platforms at the World Economic Forum at Davos today to express caution on cryptocurrencies.