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posted by martyb on Thursday August 04 2016, @01:40PM   Printer-friendly
from the gonna-need-more-wallets-and-aliases dept.

The European Commission – the executive arm of the European Union – has proposed a directive aimed [at] preventing the use [of] the financial system for terrorist financing which includes a central database for bitcoin and virtual currency users' identities and wallet addresses accessible to government financial intelligence units (FIUs).

The proposal seeks to require member states to bring into force the regulations necessary to comply with this directive by Jan. 1, 2017.

[...] To counter the risks related to the anonymity, national FIUs should be able to associate virtual currency addresses to the identity of the owner of virtual currencies. In addition, the possibility to allow users to self-declare to authorities voluntarily should be considered.

The proposal defines "virtual currencies" as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically."

Source: CCN.LA


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  • (Score: 2) by Aiwendil on Thursday August 04 2016, @03:27PM

    by Aiwendil (531) on Thursday August 04 2016, @03:27PM (#384083) Journal

    Out of curiousity, how would they handle if you set up a system where each wallet could have multiple subwallets?

    I mean, imagine a system where you trade wallets and thereby makes that system need to have to reregister every wallet on each transaction.
    If done right you could make a transaction be "transfer wallets range Foo.0::0 to Foo.FF::FF" but at the same time have to file 2^128 different registrations..
    And for fun, allow those subwallets to also have subwallets for a total of 2^128^128 registrations. Now set each wallets id at a nice little 64kbyte id...

    No need to require it to be possible in practice to divide a wallet further than you do a bitcoin - just messing with semantics.

    Simple for computations, hellish for registers..

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  • (Score: 2) by Scruffy Beard 2 on Thursday August 04 2016, @04:24PM

    by Scruffy Beard 2 (6030) on Thursday August 04 2016, @04:24PM (#384098)

    I suspect you know that such a standard [github.com] exists already.

    • (Score: 2) by Aiwendil on Thursday August 04 2016, @06:19PM

      by Aiwendil (531) on Thursday August 04 2016, @06:19PM (#384149) Journal

      I didn't. But thanks for the link, that ended up on my reading list for this weekend.