Here’s Why Europe Is About To Crack Down On Bitcoin Anonymity

Bitcoin Watch Shop

The EU’s executive physique has betrothed new legislation in a Spring to make certain a exchanges and users of practical banking platforms such as Bitcoin are identifiable and traceable.

The reason? Terrorism. The pierce was announced as partial of a raft of measures to make it harder for terrorists and their backers to pierce around supports and other assets.

“We wish to urge a slip of a many financial means used by terrorists, from money and informative artefacts to practical currencies and unknown pre-paid cards, while avoiding nonessential obstacles to a functioning of payments and financial markets for ordinary, law-abiding citizens,” pronounced European Commission clamp boss Valdis Dombrovskis.

What will this meant in practice? The new legislation would force practical banking platforms to request some-more due industry controls when business are exchanging practical for genuine currencies, by bringing them underneath a range of EU anti-money-laundering laws.

The proposals will be set out in full by mid-year, with a aim of creation them law opposite a EU by a finish of 2017.

Get Data Sheet, Fortune’s record newsletter.

Bye-bye Bitcoin anonymity — during least, in theory.

Many exchanges for Bitcoin and identical practical currencies work outward a European Union, putting them out of this

Read more ... source:

Advertise on the Bitcoin News

Do you like The Bitcoin News ? Thank you for Support us !
ETH: 0xa829E61Cc130b4f02fbfc9D7763361a550C7f824