Centralized Law for Crypto? Phew!

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Bitcoin is the leading digital currency, and it has gained popularity for good and bad reasons. In terms of good reasons, there are a lot of things on the list that when we start mentioning that will take a lot of time to finish but we do know it has helped a lot of investors become rich, and developed economies and it has also helped to trade freely across borders without being controlled by anyone, that is, thanks to it be decentralized.

In terms of gaining popularity for bad reasons, bitcoin has been accused or said to be a means used by politicians, business owners, criminals and individuals to either launder money, invade taxes or even hide their money from illegal dealings. And bitcoin being decentralised it's difficult for authorities to track or seize the funds hidden in crypto by the criminals involved.

However, the United Kingdom is preparing a new law and an agency that will enable them to be able to track cryptocurrencies and freeze them. This measure was taken because they believe that the rate at which bitcoin is being used for illegal activities has increased over the years and that they will be able to control the activities.

Well, the United Kingdom has been known for crypto seizures over the years, them putting it into law officially just gives them the opportunity to do it more. However, the question is, does this defeat the purpose of bitcoin being decentralized? Despite the fact that it may reduce fraudulent activity (which is not guaranteed) seizing or freezing crypto of individuals totally go against decentralization.

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