EU Seeks Controls Over Bitcoin: "Subject to Particular Attention"

European Union (EU) ministers requested that the European Commission propose controls on anonymous payment methods, with a particular emphasis on virtual currencies like Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term.

There is a renewed sense of urgency to regulate such payment instruments in the wake of the Paris terrorist attacks, which were carried out by the Islamic State of Iraq and Syria (ISIS). The group, which is believed to have recently carried out a number of additional deadly attacks around the world, is suspected of using bitcoin to finance its operations, though this has yet to be proven.

The EU request was formalized at a meeting in Brussels on Friday, according to Reuters, which also reported on a draft document prepared for the meeting earlier in the week.

The ministers urged the Commission to "strengthen controls of non-banking payment methods such as electronic/anonymous Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, money remittances, cash-carriers, virtual currencies, transfers of gold or precious metals and pre-paid cards in line with the risk they present", according to a joint statement that concluded the meeting.

The statement is nearly identical to that reported in the draft document, with the noticeable additions of money remittances and cash carriers. The final text also calls for measures to stop the illicit trade of cultural goods such as stolen art works.

The document also emphasizes the ministers resolve to "to ensure a swift and effective freezing of terrorist assets throughout the Union."

Among the payment instruments undergoing risk assessment for use in money laundering and terrorist financing, the use of virtual currencies will be "subject to particular attention," a European Commission official was quoted as saying.