The Executive branch of the European Union today adopted a decision, which should prevent the use of cryptocurrencies to Fund terrorism and money laundering.
The new rules placed among the list of other changes created by the European Commission and aimed at preventing terrorists using virtual currencies and other financial instruments.
In accordance with the terms of the new proposals, the exchange of virtual currency and service providers of digital wallet will have to carry out additional monitoring of all processes and to show "due diligence, putting an end to the anonymity associated with such exchanges.
First Vice-President of the EC Frans Timmermans commented:
"Today's changes will help national law enforcement authorities to determine the identity of criminals, hiding their financial means to commit such crimes as terrorism."
In effect they will just make life more difficult for us honest people. It's not only a waste of effort and money, but it will stifle innovation and freedom, while terrorists will have no problems bypassing roadblocks.
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