European Union to Crack Down on Virtual Currencies
Posted by: Timothy Weaver on 11/30/2015 05:11 AM
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The EU is looking to crack down on anonymous currency exchanges that could be used by terrorist.
As a way of combating terrorism, the European Union will increase controls on virtual currencies, prepaid cards and money remittances.
EU justice and interior ministers wish to persuade the European Commission (EC) to "strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies and transfers of gold, precious metals, by pre-paid cards."
What the ministers want to do is tighten checks for payment methods such as BitCoins. These currencies could be used by extremist to fund terror attacks. They also want "to ensure a swift and effective freezing of terrorist assets throughout the Union."
The EC met on Nov. 17 to assess the role that virtual currencies play in financing terrorism and stated "the use of virtual currencies will be subject to particular attention, as requested by the European Council of 26th January, 2015,” the Commission said in a release.
Source: SCMagazine
As a way of combating terrorism, the European Union will increase controls on virtual currencies, prepaid cards and money remittances.EU justice and interior ministers wish to persuade the European Commission (EC) to "strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies and transfers of gold, precious metals, by pre-paid cards."
What the ministers want to do is tighten checks for payment methods such as BitCoins. These currencies could be used by extremist to fund terror attacks. They also want "to ensure a swift and effective freezing of terrorist assets throughout the Union."
The EC met on Nov. 17 to assess the role that virtual currencies play in financing terrorism and stated "the use of virtual currencies will be subject to particular attention, as requested by the European Council of 26th January, 2015,” the Commission said in a release.
Source: SCMagazine
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