European Commission Eyes Transaction Limits on Digital Currencies
The European Commission, the executive branch of the EU, is weighing a limit on cash transactions in a move that may also affect digital currency payments. According to an impact assessment published by the Commission, the aim of the proposal is to curtail payments in cash, which critics say promotes anonymity when transacting. Any restrictions, the roadmap states, “would be a mean to fight criminal activities entailing large payment transactions in cash by organised criminal networks” – with a similar impact on terrorist financing as well. On the same foot, such efforts could be used to....
Related News
The European Commission has released an Inception Impact Assessment [PDF] considering transaction limits on virtual currency transactions as it steps up efforts in its fight against the financing of terrorism. On 2 February, 2016, the Commission published a Communication to the Council and the Parliament on an Action Plan to tackle terrorism financing. The Action Plan builds on existing EU rules to adapt to new threats and intends at updating EU policies that are in line with international standards. In a bid to deal with the controls of cash entering or leaving a country, reference is....
The European Commission said today it is assessing whether digital currencies like bitcoin fuel terrorist financing and money laundering as part of a new security report. In a 17th November memo, the Commission outlined its view of the state of security in the European Union (EU), a publication that comes days after more than 100 people died in a series of attacks in Paris, France. According to the memo, the Commission is investigating terrorism financing risks in the EU following the adoption of an anti-money laundering framework earlier this year, a process it said will pay "particular....
This article has been updated to include responses to the EBA by the Bitcoin Foundation and the UK Digital Currency Association. The European Banking Authority (EBA) has published an 'opinion' warning financial institutions to stay away from digital currencies until the industry is regulated. In the document, which was addressed to the EU council, European Commission and European Parliament, the EBA set out new requirements for the regulation of digital currencies and also instructed financial institutions not to buy, hold or sell digital currencies until new rules are in place. The EU....
The European Commission and its partnering agencies including Europol have become increasingly active in its investigation on terrorist financing and and the use of digital currencies such as bitcoin in the dark web. As a part of its global initiative to reduce and restrict financial flows of terrorists and money laundering, the European Commission has proposed to regulate digital currency exchange platforms under the scope of the Anti-Money Laundering Directive, which would require bitcoin exchanges to keep sensitive customer data records for bitcoin-to-fiat trading. “These platforms have....
If the European Commission confirms the requests France and Germany to regulate digital currencies, bitcoin startups and investors will be negatively affected, and may possibly be required to provide sensitive financial and user data to government agencies for inspection. French Federal Finance Minister Wolfgang Schaeuble and former minister of social affairs Michel Sapin have proposed a set of financial measures to the European Commission, to urge the control of bank accounts and digital currencies. Over the past few months, European nations including Germany and France have begun to....