EU Draft Law Outlines Parliament Plan to Monitor Bitcoin Users

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EU Parliament members have printed new draft laws outlining their plans to regulate digital currencies.

Legislative language published on ninth March particulars how MEPs plan to empower monetary watchdogs within the EU, permitting them to accumulate extra knowledge on digital currency customers. What’s extra, it units the stage for the creation of databases through which pockets addresses can be linked to explicit identities.

At one level, the language declares that, within the view of the Parliament, “virtual currencies should not be anonymous”.

The laws, if finalized and authorised, would additionally create the situations for national-level monetary intelligence gatherers to share that info as soon as obtained.

The draft invoice – ready by the EU Parliament Committee on Economic and Monetary Affairs, in addition to the Committee on Civil Liberties, Justice and Home Affairs – states:

“To combat the risks related to the anonymity, national Financial Intelligence Units (FIUs) should be able to associate virtual currency addresses to the identity of the owner of virtual currencies. In addition, the possibility to allow users to self-declare to designated authorities on a voluntary basis should be further assessed.”

The launch comes greater than a yr after the EU Commission, the chief arm of the financial bloc, moved to propose measures that may impose anti-money laundering controls on the digital currency area. Last yr, too, members of the EU Parliament moved to create a task force, led by the Commission, targeted particularly on the tech.

According to public information, 88 committee members voted in favor of the laws, as opposed to one objection and 4 abstentions.

Image Credit: Cineberg / Shutterstock.com

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