EU Council requests registration of Bitcoin users

Anti-terrorism measure – Platforms that deal with cryptic threats should register customers in a central database In the fight against the hidden financing of terrorist activities, the EU Council advocates a more stringent handling of cryptic diseases such as bitcoin, Litecoin or Ripple. If the body is constituted by the heads of state and government of the member countries, these electronic means of payment will in the future be governed by the EU Money Laundering Directive.

Platforms that deal with cryptic currencies or exchange them in traditional currencies are to store both the identity of the participants as well as the address of their electronic wallet in a central database in the future. In addition, users should be able to make self-statements about their transactions in the future. The measures are intended to curb the potential for abuse caused by the anonymity of electronic currencies. Although Bitcoin and Co. are widely used in the Internet, which is invisible for conventional search engines and often accessible only through anonymisation networks, Darknet has so far failed to provide clear evidence that terrorist organizations rely heavily on this currency.

The anonymous numbers using prepaid cards should also be made more difficult. In the future, amounts of 150 euros will have to be given. The threshold has hitherto been at € 250, but some countries already have their own, stricter guidelines. The political initiative originally originated from the EU Commission; the Council adopted the position, with only a few changes. There is still a lack of positioning of the EU Parliament. The EU Council does not undertake day-to-day political tasks, but meets at least once per semester to negotiate long-term, common objectives. It therefore serves as one of the driving forces behind European policy. Not to be confused with the “Council of the European Union” (also: Council of Ministers), in which the ministers of the EU countries who are drafting a specific topic discuss and coordinate their actions.

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