Users would be required to register their details with an EU-wide database accessible to intelligence services.
The European Commission wants to take the anonymity away from virtual currencies by demanding users register on a database so they can be tracked. The proposal would provide the EU with a record containing the real-world identities of people using cryptocurrencies as well as the addresses of the virtual wallets where their money is held.
Cryptocurrencies like Bitcoin can't be traced, making them a popular choice for cyber-criminals for funding illegal activities. Ransomware attacks, for example, often demand payments in Bitcoin because it leaves no identifiable paper trail to their source.
Softpedia reports that the EU wants to introduce a database of cryptocurrency users as part of the reform of its Anti-Money Laundering Directive (AMLD), which will be broadened to include so-called virtual currencies.
Governments have struggled to incorporate cryptocurrency into current laws because it isn't generally recognised as actual money by financial institutions. Only this week, a Miami judge threw out a case against a man accused of illegally laundering $1,500 of Bitcoin after ruling that his actions didn't breach current laws around money laundering.
im cool with that.
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It's funny! In Russia, the use of Bitcoin illegal. But this did not stop, because it is impossible to keep track of transactions.
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