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In the EU there will be a database of bitcoin users

The measure is aimed at combating the financing of terrorism.

21.Dec.17 1:15 AM
By Jeff Bannister


In the EU there will be a database of bitcoin users

The EU will create a database of bitcoin users. As reported by The Telegraph, thus the EU plans to track the identity of the owners of purses to fight money laundering and the financing of terrorism. Earlier, the European Union announced its intention to ban secret operations with cryptocurrency. Part of this was contributed to the rise in prices for the cryptocurrency. In a record short time, the capitalization of the crypto industry has reached 600 billion US dollars, but the share of bitcoin is less than half this amount.

A centralized database can be created be established until 2019, after the approval of the Fourth Directive on Combating Money Laundering. Access to the base will be given to the specialized institutions and agencies that investigate and return assets. Also, regulators monitor the conduct of ICO to prevent fraud, as well as tax evasion from crypto-currency transactions. In particular, such activities are carried out by the tax authorities of India and the United States.

However, according to experts, close attention to the market of crypto-currencies can serve as a barrier for hackers attacking exchanges. Thus, it all comes down to the development of a regulatory framework for crypto-currencies, which would allow bitcoin to integrate into the financial system.

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