Jasper HamillFriday 2 Mar 2018 3:53 pm

Diane Abbott has hinted at launching a crackdown on Bitcoin and other cryptocurrencies if Labour gets into power.

The Shadow Home Secretary said virtual coins are used to finance terrorism and compared them to a Ponzi Scheme, the name for a scam in which money generated from old investors is given to new ones to give the impression of gigantic growth.

Bitcoin and all the other cryptocurrencies are in the spotlight right now after its price soared to almost $20,000 in December 2017 before collapsing by up to 70% this year. ‘

We are looking at the Bitcoin issue. One of the problems with Bitcoin is the extent to which it is just a gigantic Ponzi scheme,’ she said in an interview with The House. ‘And if everyone took their Bitcoin money and tried to buy a new car all at once the whole thing would collapse.

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