The EU wants to regulate bitcoin and other crypto currencies?
" The end of anonymity for Bitcoin users may be fast approaching as the EU has put forth a proposal that would require anyone using the cryptocurrency in the member states to register on a database. "
The latest version of the AMLD will recognize virtual currencies as money and its database will remove the anonymity that those employing it for nefarious purposes have hid behind for some time. The companies that provide digital currency wallets will also be held accountable to require that users in the EU register using their real information.The proposal is expected to be voted upon by the European parliament before the end of 2016.
Source and full article: BetaNews
I can understand why they are doing it and I agree that we have to stop or counter certain forces in out world but I don't see how this will be helping much.
The people who will voluntary register have nothing to hide and are good citizens but I can't imagine that any criminals or terrorists will be that stupid to voluntary register so it will only be about getting the taxes paid of the citizens then? Forcing wallet makers and exchanges to corporate will also only have impact on normal users that lack the know how to create wallets themselves.
How can this voluntary registering be a solution to criminals or terrorists?
Is it even possible to force this law on people? How will this data be used and stored by the EU?
Will we get some kind of witch-hunt on crypto users now here in Europe?
Is there anything that we as a community can do to protect ourselves?
Maybe I should start looking to another country with laws that are not restraining the further developments of block chain and other new technologies. Any suggestions anyone?
Please comment and let us bundle our brainpower to come up with creative solutions.
Source and full article: BetaNews
Luckily Britain voted to leave the EU. I foresee all cryptocurrency stuff congregating in the UK, to bypass these laws. London will continue to be the world's dominant financial centre - the 21st century iteration will be leading in cryptocurrency!
This might happen indeed , Switzerland is doing the same also.
It sounds a lot like gun registration to me - despite the fact that criminals will go at lengths to not register them and make the whole thing moot. And in the background politiciens will say "Don't worry... if you have nothing to hide!"
Well, why don't we have politicians live in a glass house? They have nothing to hide, right?
Indeed, We should have like the whole system of governance working on a blockchain, equal and transparent for everyone to observe and to improve on.
It wouldn't be voluntary – it would be forced by law. Therefore, to conduct a legal business connected to Bitcoin, one would be required to register.
yes and for Business it is already hard to get involved with crypto because in Belgium for example you require a written contract for deals between businesses.
However how could they ever force it on individual users that understand and know how to use a blockchain?
Even though this post is so old, I haven't heard about this news! Thanks for sharing, @omarb. I have just started following you! You are more than welcomed to check out mine as well ;)
I have no clue