29 Jul '16, 12am

European Commission Proposes the Creation of a Bitcoin User Database

European Commission Proposes the Creation of a Bitcoin User Database

The European Commission, a branch of the European Union, has proposed the creation of a centralized database of Bitcoin users, their identities, wallets and financial operations. The directive seeks to prevent the use of the cryptocurrency to finance terrorist movements and their operations. According to the proposal, financial intelligence units (FIUs) will have access to this centralized database. If the proposal gains enough traction members of the European Union will have to abide by the rule and comply with a deadline set at January 1st, 2017. The regulations against money laundering were updated in May of 2015, as a decisive step to diminish the financing of terrorist and criminal activity. The European Union decided to put in motion a plan to trace terrorist using financial information, while also preventing the movement of funds. The breaking down of the sources th...

Full article: http://themerkle.com/european-commission-proposes-the-cre...

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