Europe wants to monitor Bitcoin more

The EU Council has invited the Commission in accordance with the Paris attacks, expand its control over “not bank controlled Payment Methods” such as virtual currencies and prepaid cards. The EU interior and justice ministers have not only spoken out in their special meeting on counterterrorism on Friday after the Paris attacks for exchanging more data and to reintroduce border controls. They have appealed in their final declaration also to the European Commission to monitor “not bank controlled Payment Methods” such as electronic or anonymous systems and prepaid cards more.

The supervision must also the transfer of money, gold or other precious metals, take cash couriers or virtual currencies closer look, urges the EU Council. All this cash had to improve its monitoring in the light of the “risk they represent.” EU ministers may well also aimed at Bitcoin and comparable crypto currencies with the foray. Since this fast and at the same time elusive global money transfers allow, they are often mentioned in circles of security agencies as a potential medium terrorist financing.

The research arm of the global financial network Swift to the over ten thousand banks have joined forces, meanwhile, comes in a recent study found that there are regulatory gaps in payments from third party providers and virtual currencies in the EU. The new directive on payment services, as well as a legislative initiative that is directed against money laundering and terrorist financing are, although “steps in the right direction” was, according to the study. So the mentioned European legal framework closing particular crypto currencies like Bitcoin is not a sufficiently.

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