EU proposes stricter rules on Bitcoin

[leopard2]

NO-OH NO...are you telling me, soon our BTC wallets will refuse to accept payments over 250 (whatever scam currency units)?

But not to worry, EU is currently dismantling itself, very good. EUR is helping. Wow, such coincidence today:

Italian banks turn out to have 4x as many sour loans as US banks had in 2008. My, oh my, I do not think terrorism is the issue here.

http://www.wsj.com/articles/bad-debt-piled-in-italian-banks-looms-as-next-crisis-1467671900

THEY ARE WORRIED ABOUT COMPETITION FOR THEIR EUR SCAMCOINS!!!!!!!!  

[franky1]

Basically they propose to put exchanges that operates within the EU, within the list of reporting entities in the AML framework. If adopted, that would mean that an exchange that operates within the EU must follow all the Know Your Customer (KYC) regulations in terms of identification of clients. Moreover, they must monitor transactions and generate Suspicious Transaction Reports (STRs) whenever a transaction raises certain red flags. 

well thats been the case for decades.. if your a MSB (money service business) you have to be registered anyway. i dont see anything different now then before..

any "bitcoin" exchange that does swaps for euros has always needed to declare themselves as a MSB..

im still looking for any data that pertains to just bitcoin hoarders/holders.. because i cant see anything that has changed in relation to bitcoin itself
their talks about Virtual currency wallet services is more like payza, paypal, skrill, netteller, etc that just hoard euro for people to send to each other rather than exchanges that swap euro for other currencies.

all in all i just see it as the same rules as before, but reinforced. if you touch Euro expect to need to give KYC details if moving a certain amount

[hermanhs09]

I think that with the refugees and UK leaving the UE, they have greater problems to deal with. Probably this will not be a big issue for the time being...

Well,i assume they will actually forget about it at the meeting,because like you said-after UK leaving UE,they would not try to get stricter rules to bitcoin.
We have bought some time,but im afraid it might happen one day... i dont like politics if they mess with bitcoin lol

[HarryKPeters]

Wondering what people make of this?
http://uk.reuters.com/article/uk-eu-security-financing-idUKKCN0ZL1RB

How can we keep the elites noses out of our financial affairs?

They will fight bitcoin till the end. It's instead of them seeing the benifts of bitcoin and using it some bureaucrats take bribe money from bitcoin's competitors and they fight againstit.
Too ignorant to understand bitcoin can't be stopped.

[countryfree]

Well, this was widely expected. I guess the biggest change will be for blockchain.info which will now require to fully identify all the European people who have an online wallet.

Note, that this is only a proposal yet. It needs to pass through the Euro parliament to become law.

[mayax]

it will pass for sure because it's a very important law.

all the EU exchangers without license will be outlaw(anyway they are already)  

The EU law says that all the exchangers must be financial licensed.

The so called AML/KYC that BTC-e and other exchangers are doing is a shit.

Normally, they cannot request such documents from their clients as long they are not financial licensed. Once licensed, they must follow strict rules regarding to the documents they receive(how they stock them, how they process them, who/what employee has access to them and so on).

Now, all the docs you sent to these companies can be sold on the black market without any problem. Nobody is supervising the unlicensed(outlaw) exchangers.

[useless4]

Well, this was widely expected. I guess the biggest change will be for blockchain.info which will now require to fully identify all the European people who have an online wallet.

Note, that this is only a proposal yet. It needs to pass through the Euro parliament to become law.

i doubt that it will become a law, this currency shouldnt have any laws on it in my opinion, if this will happen then i guess i will have to move to great britain in order to avoid it

[groll]

Wondering what people make of this?
http://uk.reuters.com/article/uk-eu-security-financing-idUKKCN0ZL1RB

How can we keep the elites noses out of our financial affairs?

It is a given fact that the elite has a say on bitcoin. First since they hold the majority of bitcoins on their hands and secondly they have the most sophisticated advanced state of the art technology that will shape bitcoin economy. The only resort we need to do is join hand in hand and petition to the government to create an independent body per country to handle bitcoins. That is to say the authority will fall on the government and not in some elites whose greed precedes itself.

[Karartma1]

NO-OH NO...are you telling me, soon our BTC wallets will refuse to accept payments over 250 (whatever scam currency units)?

But not to worry, EU is currently dismantling itself, very good. EUR is helping. Wow, such coincidence today:

Italian banks turn out to have 4x as many sour loans as US banks had in 2008. My, oh my, I do not think terrorism is the issue here.

http://www.wsj.com/articles/bad-debt-piled-in-italian-banks-looms-as-next-crisis-1467671900

THEY ARE WORRIED ABOUT COMPETITION FOR THEIR EUR SCAMCOINS!!!!!!!!  

The Wall Street Journal is asking me for a subscription which I will not pay but google news came to hepl and I found a free version of the same news

http://www.bloomberg.com/news/articles/2016-07-05/monte-paschi-bonds-drop-as-italy-said-to-plan-capital-injection

Very interesting. The EU will implode from the inside

[Kakmakr]

They are just enforcing fiat rules onto Bitcoin, like the US did with exchanges. So this is nothing new, but you can still send Bitcoin directly between people without having to go through services that has to adhere to all the KYC and AML regulations.

The moment when these Bitcoins enters the fiat system, it becomes a whole other ball game. ^hmmmmm^

[btckold24]

Well, this was widely expected. I guess the biggest change will be for blockchain.info which will now require to fully identify all the European people who have an online wallet.

Note, that this is only a proposal yet. It needs to pass through the Euro parliament to become law.

wow that is intrusive! kinda defeats the purpose of being anonymous using bitcoin.  In the states they constantly tell
you how you cant gamble and other things so I'm surprised USA hasnt done this also.  

[Wendigo]

I hope we will see more Bitcoin companies offering over-the-counter purchase of small amounts of Bitcoins without the need to provide any ID. Why should I give all my personal information to an exchange if I want to buy a $50 birthday gift it's not like I am doing something illegal here or participating in terrorist activities sweet Jesus. If there are such strict rules regarding the use of Bitcoin exchanges I may very well stop using Bitcoin for online purchases and go back to the good old debit card. At least I won't be uploading my ID every time I would like to buy or sell Bitcoin this is just ridiculous  

[kik1977]

Well, this was widely expected. I guess the biggest change will be for blockchain.info which will now require to fully identify all the European people who have an online wallet.

Note, that this is only a proposal yet. It needs to pass through the Euro parliament to become law.

wow that is intrusive! kinda defeats the purpose of being anonymous using bitcoin.  In the states they constantly tell
you how you cant gamble and other things so I'm surprised USA hasnt done this also.  

So you mean your only interest in Bitcoin is being anonymous? Sorry to hear that. First of all because it is such a narrow view of what Bitcoin is. Secondly because, unless you are extremely tech-savy and mine your bitcoins yourself, or you just make transaction in person, I see it very difficult already to be completely anonymous, even with the status quo.

[thejaytiesto]

It'sn ews like this that shows us the importance of holding. When they start seeing Bitcoin as an enemy is when price will start going up because they know that people will move their money on Bitcoin once the global bail ins start in the next year or two as a lot of countries start needing extra money to pay for stuff, and of course the lower-middle class will pay with their small savings.

[CryptoBjorn]

It'sn ews like this that shows us the importance of holding. When they start seeing Bitcoin as an enemy is when price will start going up because they know that people will move their money on Bitcoin once the global bail ins start in the next year or two as a lot of countries start needing extra money to pay for stuff, and of course the lower-middle class will pay with their small savings.

2 years seem to be too optimistic, but it will happen eventually.Those bureaucrats who've been opposing anything and even used scare tactics, under the pretense saying we need to remove the 500 euro biljet because it's used by terrorist, will get their portion. At the end of the day it's the people who decide what they use and do, not Brussel politicians.

We've all seen proof of his in Britain.

[d-leit]

Well, this was widely expected. I guess the biggest change will be for blockchain.info which will now require to fully identify all the European people who have an online wallet.

Note, that this is only a proposal yet. It needs to pass through the Euro parliament to become law.

i thought this was only for interface with cryptocurrencys and fiat. blockchain.info is only bitcoin (crypto), yes?

[yayayo]

Another flimsy excuse to further expand the surveillance of the average citizens. The EU is moving fast route to authoritative dictatorship. The AML/KYC-lunacy will not help to prevent even a single terrorist attack, yet it will be very helpful to further increase the tax burden by making capital flight a little harder. The aim is total control of the finances of every citizen, converting once free individuals into enslaved cash cows of the psychopathic elites.

I really hope that the whole Western system will collapse due to excessive indebtedness before these power greedy muppets can realize their plans.

Fortunately, it will not be easy for them to control Bitcoin as long it stays decentralized. Their ability for control is limited to fiat conversion. But who wants their fiat junk money when one can have Bitcoin? It's not even suitable as toilet paper, because the surface is too rough.

ya.ya.yo!

[richmcrich]

Well, this was widely expected. I guess the biggest change will be for blockchain.info which will now require to fully identify all the European people who have an online wallet.

Note, that this is only a proposal yet. It needs to pass through the Euro parliament to become law.

i doubt that it will become a law, this currency shouldnt have any laws on it in my opinion, if this will happen then i guess i will have to move to great britain in order to avoid it

Not just EU but other governments will also have the stricter policies for the bitcoin. The establishment of the bitcoin and rise of bitcoins fears almost every country. Banks are the ones that rule the nation not the politicians. Therefore most the laws passed would be under the pressure of bankers. As we know banks don't profit off the bitcoins and will not support to continue enslaving people.

[isvicre]

There is nothing in there about online wallets in europe suddenly requiring ID to access your own btc.  Its basic kyc stuff for exchanges.  How will an online wallet service like blockchain know where you are from?  A 12 year old could get around that.  Why can't we have a rational discussion here without rediculous straw man arguments? And why does everything revert to a brexit argument too?  Ugh.

[Yakamoto]

Another flimsy excuse to further expand the surveillance of the average citizens. The EU is moving fast route to authoritative dictatorship. The AML/KYC-lunacy will not help to prevent even a single terrorist attack, yet it will be very helpful to further increase the tax burden by making capital flight a little harder. The aim is total control of the finances of every citizen, converting once free individuals into enslaved cash cows of the psychopathic elites.

I really hope that the whole Western system will collapse due to excessive indebtedness before these power greedy muppets can realize their plans.

Fortunately, it will not be easy for them to control Bitcoin as long it stays decentralized. Their ability for control is limited to fiat conversion. But who wants their fiat junk money when one can have Bitcoin? It's not even suitable as toilet paper, because the surface is too rough.

ya.ya.yo!

Actually, now that you mention it, this is just a giant move to try and expand the control of the EU over its member states.

I'll link a nine-page document here (scroll down); http://www.tvp.info/25939587/europejskie-superpanstwo-zobacz-oryginalny-dokument

That link contains a water-mark fucked but legitimate document from German and French agencies that discuss the potential for a European superstate (which was thrust forwards due to the Brexit) by gutting the countries of their military, ability to make their own laws, central banks, and forcing all countries to accept refugees, effectively stripping countries of their own borders. I have a paper copy that I can scan and upload if anyone wants to read a clear full document.

This is showing that the EU is on the course to implode and now that Britain left, Merkle is rushing to destroy whatever she can before everything completely collapses. It is a massive attempt to control everything everyone does in some last-ditch efforts, or they're trying to control what they can and try to establish whatever superstate they can before everyone leaves or Europe gets engulfed in civil war.

Take a good look everyone, these are the last few years of either the European Union, or the Europe we know.