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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: 3, Interesting) by urza9814 on Friday August 05 2016, @02:00AM

    by urza9814 (3954) on Friday August 05 2016, @02:00AM (#384345) Journal

    In addition, the possibility to allow users to self-declare to authorities voluntarily should be considered.

    If I was in such a jurisdiction, I'd send one separate declaration letter each about my World of Warcraft gold, Second Life currency, Everquest gold, Anarchy Online whatevers, that forum I was a member of ten years ago that gave points for posts, SimCity and TD Infinite mobile game assets, credit card reward points, every airline miles account I've never used.... And each declaration would be hand written and largely illegible. It could be a great jobs program ;)

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  • (Score: 0) by Anonymous Coward on Friday August 05 2016, @02:08PM

    by Anonymous Coward on Friday August 05 2016, @02:08PM (#384482)

    I'm almost positive you'd be guilty of money laundering our some other clerical crime.