ECB to EU: Tighter Regulations, Less Anonymity on Digital Currencies
The European Central Bank (ECB) has given its long-awaited opinion on proposed regulations on digital currencies, including bitcoin. The bank also suggested there’s room for improvement to the European Council and Parliament’s proposal. The aim, it said, is to prevent use of the financial system for money laundering and terrorism financing. ECB: Tighter....
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The European Central Bank (ECB) has proposed a directive of the European Parliament and of the Council stating that ‘virtual currencies do not qualify as currencies from a Union perspective,’ and wants digital currencies to be explicitly defined as not legal currencies or money. In a document titled, Opinion of the European Central Bank [PDF], the ECB is proposing amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing and amending Directive 2009/101/EC. According to the ECB, the use of digital....
The European Council of the EU has set forth guidelines in which it will seek to regulate virtual currencies and curb terrorist funding opportunities. In light of several high terror attacks within the EU in 2015, many regulators and citizens called for tighter surveillance and anti-terrorism operations. Calls for tighter control over virtual currencies after reports were released when it was suggested that some terrorists might have benefited from using Bitcoin to fund their activities. While such claims that terrorists have a unique advantage in using Bitcoin, the European Council is....
Happy Sunday, and welcome back to another Bitcoin News in Review, where we feature some of the biggest stories of the week here on CryptoCoins News. This week, (30 November – 7 December) MasterCard attacked bitcoin in Australia, the bitcoin mining difficulty actually decreased, the second Silk Road bitcoin auction ended, and more. Keep scrolling for this week’s biggest news. This week, payments company MasterCard argued for tighter regulations against bitcoin in Australia. According to MasterCard, “Any regulation adopted in Australia should address the anonymity that digital currency....
The European Central Bank (ECB) has urged its members to impose tighter controls on the activities of companies that exchange virtual currencies or custody them for their clients. The comments come as the European Union moves toward extending the economic bloc's anti-money laundering statutes to cover digital currency activities. At the same time, the ECB has been conducting its own investigations of both digital currencies like bitcoin as well as its underlying technology. Perhaps most notable in the ECB’s legal opinion, published earlier this week, is its assertion that the broader....
There is a new breed of digital currencies making its way into the global digital economy. They are completely different from bitcoin and other altcoins that are based on it. These new digital currencies are known as identifiable digital currencies. Unlike bitcoin, identifiable digital currencies require the users to provide their identity and verify the same before executing any transaction. Nobody cared about bitcoin in the early days. Bitcoin, when it was first introduced was categorized along with other digital game currencies back then. The main reason for bitcoin to gain popularity,....