Bit by bit – the growing calls for Bitlicensing in the wake of global cyberattacks

Earlier this month, hackers executed a global cyberattack, reportedly attacking over 150 countries, including public and health care systems and individual computers. The attackers demanded payment in bitcoin to unlock computers and return the data.

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On the other hand, some of blockchain’s advantages can also be considered challenges, particularly issues relating to digital identity, privacy and cyber-security. Additionally, bitcoin’s market value is very unstable, which can result in substantial financial risks. This raises the question whether the use of bitcoin should be regulated and if so, to what extent?