July 4, 2022

EXPO Magazine

Complete News World

Bitcoin wallet can be banned in Europe

The European Commission in Brussels issued a statement to the public on Tuesday that the rules for the cryptocurrency market would change. One of the innovations reaches into the wallet of Bitcoin, which is considered anonymous, and then they will be banned.

The report is called “Overcoming Financial Crimes” and proposes new rules for the European camp to fight terrorism financing and money laundering.

The so-called set of changes, the regulations should create another public company in the region, this time a specific one to deal with the practice of money laundering. In addition, the strengthening of staff in organizations dealing with these issues was requested.

To support the formulation and implementation of the rules, the European Commission justifies that such measures not only protect the local financial system but also the citizens of Europe.

“The purpose of this package is to improve the detection of suspicious transactions and activities and to improve the close loopholes used by criminals to defraud illegal income or to finance terrorist activities through the financial system.”

A collection of four legislative projects exemplifies the wallet of anonymous bitcoin

That was expected Europe will control bitcoin by 2024. However, the long-awaited control may come more severely than initially thought.

This is because in one of the new rules issued on Tuesday, members of the European Commission called for the full use of the rules relating to money laundering and terrorist financing in the European cryptocurrency market.

“Currently, only certain types of cryptoactive service providers are included in the scope of EU ABC / CFT rules. The proposed reform will extend these rules to the entire cryptocurrency sector and force all service providers to act with due diligence on their customers.”

These rules not only include all companies in the industry, but also portfolios Bitcoin Anonymous names should be banned, until then unexpected censorship.

“Today’s changes will ensure that cryptocurrencies such as bitcoin are fully detected and prevented from being detected and used for money laundering or terrorist financing.” Anonymous cryptoactive wallets will be banned, Makes full use of EU AML / CFT rules for the cryptocurrency sector. ”

When will the plans come into effect?

This is noticeable Projects They are still mere comments and are now being debated in the European Parliament. Nevertheless, the European Commission hopes that the legislative process will be expedited, indicating that negotiations for this approval may already be in place.

“The legislative assembly will be discussed by the European Parliament and the Council. The Commission expects a speedy legislative process.

In theory, Europe begins with the clear pursuit of bitcoin and an aspect of its technology. But in practice, Europe will actually have to work harder to ban wallets, which are “mere” computer codes.

See also  WHO analyzes new corona virus variant found in Colombia