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Author Topic: The European Union Wants to Identify Bitcoin Users  (Read 3017 times)
anghelllaw (OP)
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January 01, 2017, 01:41:40 PM
 #1

The European Parliament and the Council of the European Union have proposed amending a directive on preventing money laundering and terrorist financing that will require cryptocurrency exchanges and wallets to identify suspicious activity, a directive that would include identifying bitcoin users.

The directive constitutes the main legal instrument to prevent the EU financial system from being used for money laundering and terrorist financing. The directive, to be transposed by June 26, 2017, establishes a framework to require member states to identify and mitigate risks related to money laundering and terrorist financing.

Technology has created alternatives for financing that are beyond the scope of EU legislation that should no longer be justified, the proposal [PDF] noted. To keep pace with evolving trends, new measures to improve the existing preventive framework are needed.

Cryptocurrencies Addressed

As of May 2015, the directive made no mention of cryptocurrencies. If and when cryptocurrencies are included among AMLD directives, anonymity during transaction exchanges between crypto and fiat currencies will be obsolete.

The European Parliament in May approved a proposal for a task force to investigate the role of cryptocurrencies like bitcoin and blockchain technology.

The vote to establish this task force came soon after the European Parliament’s Committee on Economic and Monetary Affairs (ECON) recommended that the EU Commission consider revising EU payment laws, on the basis of its assessment of cryptocurrencies and blockchain technology.

Paris Attacks Called For Change

The push for the amendments came amid increased regulatory debate about cryptocurrencies following the 2015 terrorist attacks in Paris. Much of the debate focused on the anonymity provided by cryptocurrency exchanges and prepaid cards.

The proposal for the amendment came within a week of Europe’s central law enforcement authority, Europol, published a report explicitly stating that there is no evidence of ISIS using bitcoin as a means to finance its activities.

Exchange services between cryptocurrencies and fiat currencies and custodian wallet providers are not presently required to identify suspicious activity, the new proposal stated.

Terrorists Can Conceal Transactions

Terrorist groups can benefit from the anonymity provided by cryptocurrency platforms and can transfer money into the EU’s financial system, the proposal noted. Hence, it is essential to extend the scope of EU Directive 2015/849 to require exchange services between cryptocurrencies and fiat currencies as well as custodian wallet providers.

For anti-money laundering and countering the financing of terrorism, authorities should be able to monitor the use of cryptocurrencies, the proposal stated. It would safeguard technical advances and the high degree of transparency attained in alternative finance and social entrepreneurship.

The anonymity of cryptocurrencies enables their misuse for criminal purposes. Requiring exchange services between cryptocurrencies and fiat currencies and custodian wallet providers will not fully address the issue of anonymity of cryptocurrency transactions since the virtual currency environment will largely remain anonymous since users can also transact without these providers.

Also read: European Commission seeks to end anonymity of bitcoin transfers

Proposal Seeks Oversight Of Cryptocurrency Users

To combat risks related to the anonymity, national Financial Intelligence Units should be able to associate cryptocurrency addresses to the identity of the owner of such currencies. The possibility of allowing users to self-declare to authorities on a voluntary basis should also be considered.

The proposal defines “virtual currencies” as a digital representation of value that can be digitally transferred, stored or traded and accepted by natural or legal persons as a medium of exchange, but does not have legal tender status.

It defines “custodian wallet provider” as an entity providing services to safeguard cryptographic keys on behalf of customers, to holding, storing and transferring virtual currencies.

Under the new proposal, member states are required to ensure that exchange services between virtual currencies and fiat currencies, and custodian wallet providers, are registered.

The proposal also addresses anonymous prepaid cards, which are easy to use in financing terrorist attacks and logistics. Hence, it is essential to deny terrorists this means of financing their operations by further reducing the limits and maximum amounts under which obliged entities aren’t required to apply certain customer due diligence measures provided by Directive (EU) 2015/849.

It is important to lower the thresholds for anonymous prepaid cards and to identify the customer in the case of remote payment transactions exceeding 50 Euros, the proposal noted.

Link : https://www.cryptocoinsnews.com/the-european-union-wants-to-identify-bitcoin-users/
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January 01, 2017, 01:53:05 PM
 #2

That's something that news is indeed quite remarkable and I am sure this could give a gate opener that offing bitcoin will be one of the official currencies used by all people in the world. However I am not convinced that the European Union could identify users bitcoin correctly, because until now there has been no thing that makes the thing and I see that if there would not be accurate because there are indeed many wallets where their owners are one person, but I don't know for sure whether this could give a positive or negative impact. Most importantly we must work well inside or outside of the bitcoin bitcoin
 
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January 01, 2017, 01:57:28 PM
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That's something that news is indeed quite remarkable and I am sure this could give a gate opener that offing bitcoin will be one of the official currencies used by all people in the world. However I am not convinced that the European Union could identify users bitcoin correctly, because until now there has been no thing that makes the thing and I see that if there would not be accurate because there are indeed many wallets where their owners are one person, but I don't know for sure whether this could give a positive or negative impact. Most importantly we must work well inside or outside of the bitcoin bitcoin
 

For one reason it is good to identify bitcoin users but as we know everyone want to have privacy.
But it is not jus the bitcoin users that need to be identified but also for other cryptocurrencies which is not easy.
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January 01, 2017, 02:07:56 PM
 #4

Call them potential terrorists and take away their freedoms. This is a change. If many terrorists was really using Bitcoin/crypto then the marketcap would be so fucking large it would be obvious.
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January 01, 2017, 02:19:42 PM
 #5

Western Union claim to have transferred $150 billion in 2015 alone...

I have heard stories over the years of them being used to launder money; I expect this is a much bigger problem than with Bitcoin, yet I see no push from the EU to identify their users.
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January 01, 2017, 02:47:19 PM
 #6

I do understand the government reasons:
The directive constitutes the main legal instrument to prevent the EU financial system from being used for money laundering and terrorist financing. The directive, to be transposed by June 26, 2017, establishes a framework to require member states to identify and mitigate risks related to money laundering and terrorist financing.
I think the best way is to control all of exchanges and issues some regulations about convert bitcoin into Euro, money laundering and terrorist financing should be in great amount, so whoever convert in big amount have to reveal his id to gov.
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January 01, 2017, 02:57:18 PM
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This is a good way to control unwanted money (laundering money or terrorist finance).
but how can they identify and not to hit the bitcoin privacy of the bitcoin users?
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January 01, 2017, 03:21:43 PM
 #8

Western Union claim to have transferred $150 billion in 2015 alone...

I have heard stories over the years of them being used to launder money; I expect this is a much bigger problem than with Bitcoin, yet I see no push from the EU to identify their users.
They have made mistakes about it. They actually can't be solving a lot of the problem of the money laundry and terrorism in the previous ecosystem.

And in this time, they are pushing it into bitcoin?

I was realizing if this is a scenario by EU. With monitoring, the exchange site won't be solving anything.

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January 01, 2017, 03:30:46 PM
 #9

Call them potential terrorists and take away their freedoms. This is a change. If many terrorists was really using Bitcoin/crypto then the marketcap would be so fucking large it would be obvious.
They already do, and they have from some time so they have been a part of market cap for quite some time so you won't notice the difference.
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January 01, 2017, 03:31:20 PM
 #10

This is a good way to control unwanted money (laundering money or terrorist finance).
but how can they identify and not to hit the bitcoin privacy of the bitcoin users?

This thing would be the big question because if they tend to engage into bitcoin because of money laundering and terrorist finance they would definitely hit up the anonymity features of bitcoin and we all know that tracing its users would really hard thing to do and thats the main problem that EU would face.

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January 01, 2017, 03:36:36 PM
 #11

This is a good way to control unwanted money (laundering money or terrorist finance).
but how can they identify and not to hit the bitcoin privacy of the bitcoin users?

This thing would be the big question because if they tend to engage into bitcoin because of money laundering and terrorist finance they would definitely hit up the anonymity features of bitcoin and we all know that tracing its users would really hard thing to do and thats the main problem that EU would face.

Money laundry and hunting down money streams leading to the financing of terrorism, are just excuses that governments hide themselves behind. It's once again their hunger for control that is leading to all kinds of ridiculous policies. Bitcoin is getting bigger with the year, and so does the wealth of people holding Bitcoin. It's the pure smell of money that is making them want to know who you are, and what you hold. Because if they know, you can't avoid the point where you have to pay tax over what you hold, the profits that you have made, etc.
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January 01, 2017, 03:38:07 PM
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This seems like a hard way to find money launderers. They are getting away with it using PayPal and other services that require all sorts of ID. With bitcoin I think it would be much more difficult.  

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January 01, 2017, 03:41:38 PM
 #13

This seems like a hard way to find money launderers. They are getting away with it using PayPal and other services that require all sorts of ID. With bitcoin I think it would be much more difficult.  

Correct. Good luck to them being able to identify all bitcoin users. If some of us don't want to be identified then we're not.

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January 01, 2017, 03:42:23 PM
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This is one of the things that has to happen if bitcoin is to be widely accepted by all, there's no way they can let bitcoin run alongside currencies without some of this happening, good and it's bad .
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January 01, 2017, 03:46:17 PM
 #15

Only after they identify all the scammers and compensated all the people they targeted

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January 01, 2017, 06:03:36 PM
 #16

Isn't it amazing. They openly give money and weapons to terrorists. They open their borders to terrorists, and then give them homes and other benefits.

And then they want to try to stop the guy who is working over here, and wants to send a bit of cash home to help his family buy food.

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January 01, 2017, 06:22:12 PM
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Oh hey, I think I've identified one! This guy looks like one of them to me. Hmm...


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January 01, 2017, 06:28:44 PM
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I think it's all provided cause of high terroristic activity in the Europe. I am pretty sure that terrorists are using bitcoin for their activity. And that's why Europe wants to identify bitcoin users to track different suspicious activities. Just for global protection.
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January 01, 2017, 06:40:30 PM
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Isn't it amazing. They openly give money and weapons to terrorists. They open their borders to terrorists, and then give them homes and other benefits.

And then they want to try to stop the guy who is working over here, and wants to send a bit of cash home to help his family buy food.
I don't think you understand, the average guy is the one they want to control. They want to force them to become as poor as possible, submit to the government as much as possible, and then destroy the cultures and form an ethnically homogenous EU, free to control the subjects without much resistance.

A society that cannot or will not protect its women will go extinct eventually, and there are a lot of countries already on that path now.

Merkle is either trying to destroy Germany via criminal liberalism or trying to summon the fourth reich, and it's likely the former.
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January 01, 2017, 07:06:07 PM
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Maybe they should just deport troublesome immigrants. It would be a lot easier.
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