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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 frojack on Thursday August 04 2016, @06:31PM

    by frojack (1554) on Thursday August 04 2016, @06:31PM (#384155) Journal

    Exactly.

    And this is why I scoff every time I hear some Euro bragging about the "strong privacy protections" in the EU while mocking US laws.

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  • (Score: 0) by Anonymous Coward on Thursday August 04 2016, @09:32PM

    by Anonymous Coward on Thursday August 04 2016, @09:32PM (#384255)

    Republicans vs Democrats.

    Both pairs of groups froth at the mouth about how superior they are compared to the other, while not realizing how gaped out their own asshole is from the raping they are letting their government give them while they are distracting themselves with their morally inferior complement's activities.