Bitcoin hits $11,000: Why cyptocurrencies need global regulation urgently

Cryptocurrencies are decentralised, meaning that they are issued without a central administering authority

The news that bitcoin had broken the $10,000 barrier reflects the way that mainstream investors have been flocking to cryptocurrencies over the past year. But amid the excitement, regulators are fretting about criminals who are increasingly using cryptocurrencies to escape detection from law enforcement.

Why is digital currency so appealing to miscreants? Cryptocurrencies are a recent phenomenon and – as with all new technology – it takes time for regulators to catch up. Bitcoin was the first to gain an international reputation as a digital currency that could be used to settle transactions after it