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EU Plans To Create Database of Bitcoin Users With Identities and Wallet Addresses (softpedia.com)
An anonymous reader writes from a report via Softpedia: "The European Commission is proposing the creation of a database that will hold information on users of virtual currencies," reports Softpedia. "The database will record data on the user's real world identity, along with all associated wallet addresses." The database will be made available to financial investigation agencies in order to track down users behind suspicious operations. The creation of this database is part of a regulatory push that the EU got rolling after the Paris November 2015 terror attacks, and which it officially put forward in February 2016, and later approved at the start of July 2016. Legally, this is an attempt to reform the Anti-Money Laundering Directive (AMLD). The current draft is available here. The current AMLD draft reads: "The report shall be accompanied, if necessary, by appropriate proposals, including, where appropriate, with respect to virtual currencies, empowerments to set-up and maintain a central database registering users' identities and wallet addresses accessible to FIUs, as well as self-declaration forms for the use of virtual currency users."
The suggested process for using bitcoin is to create a new wallet address for each transaction.
They will never be able to keep up with it.
I guess this is what happens when a bunch of people who dont understand the technology try to regulate it.
meet meteor.
appropriately
...to find out who satoshi nakamoto is.
~Knowledge is knowing that a tomato is a fruit, but Wisdom is knowing not to put it in a fruit salad.
Good luck accomplishing that!
And they're going to enforce the "opt in" part of this deal how, again? The whole POINT of virtual currencies is to keep them out of control of the government(s).
Seven puppies were harmed during the making of this post.
to track buyers and sellers of kiddie porn, drugs, materiel, "personal" services (including child prostitution, murder for hire...), and a few hipsters who think having some cryptocurrency makes them edgy.
You bet. Because every year we have more and more restrictive bank regulations (to the point where it's now difficult to move your own damned money around from account to account or asset to asset), yet there are more drugs, more laundering and there is more terrorism. Makes you think those laws were never intended to go after criminals in the first place.
Seven puppies were harmed during the making of this post.
This is so the Rothchild's can control ever facet of the world economy.
It is going to be hard to connect buyers and sellers with all the coin mixing services available. Especially with popular alt coins like dash coin (http://dash.org ) that have mixing built into the protocol.
Cyprus was good in that it attacked only the people that had more than they need. They only took 47.5% of bank balances in the first round.
Verges on retardation.
The entire value of bitcoin is only a few billion dollars, this wouldn't even put a dent in a weeks interests payments of many countries.
So it's another central database that will be of extreme interest to the Russian Business Network and other malefactors. I Wonder how that will work out.
Marvelous.
Now write a legal definition of "virtual currency" that includes Bitcoin but excludes WoW gold and EVE Online ISK. I dare you.
Actually, they might be perfectly happy to suck those in too, just because a bureaucrat never met a tracking database they didn't like.
There is no evidence that Bitcoin was used by terrorists. This is the usual statist bullshit coming from European governments.
limey cunts
I should point out that the 'limey cunts' are currently in the process of 'fucking off' from Neuordnung Europas.
Not that it'll make any difference in the long run, the cunts we have in charge here in the (dis)United Kingdom are just as bad as the cunts that are in charge over there in the Viertes Reich or, indeed, that are in charge everywhere else on this poxy dirtball.
Anybody ever notice that financial regulations only seem to apply to people and not, you know, the mega banksters and other financial fraudsters of the 1 percent we really ought to be regulating?
Mine is a black one, with two card holder flaps. Got it?
ahaha haa hahaha hahahah HAHAHAHAHAHAHAHA hahahah hahahahah ahahahah ahaha haha hahahahahaha
Last I checked there were no conclusive links Paris attacks were funded by bitcoins (one source here http://www.coindesk.com/bitcoi... ). I'm pretty sure it was proven though that the terrorist were breathing French oxygen in the atmosphere though, so maybe we should get the French to start tightly regulating who can breathe over there and who can plant plants that generate that oxygen (you know, since it may be used by a terrorist)?
How can you run out of money as a state? Usually you 'print' new money. That is BTW the modus operandi of the FED and the ECB today.
If you care about your freedom and don't want to be a salve of the government you need to take action to make that happen. Move to New Hampshire where the liberty-minded folks are actually building ground for a free state. Little to no government. No state police. No compliance with federal mandated 'state' laws (ie NH already refuses certain federal funds so that it doesn't have to comply with some federal law). We don't need government schools. Most people can afford to educate there own children once the state ceases collection of taxes and eliminates the bureaucracy.
You're believing the justification to remove your rights. Drugs aren't that significant, think back to when the British invaded China on the profits of the opium trade. What is significant is that they are now entirely in the black market.
Terrorism, in terms of fatalities is not actually that bad. Wars are significantly worse and guess which side is actually causing the most fatalities.
Then if you want to look at the real money launderers look at the billionaires who significantly increased their wealth through the recession.
Then look to which politicians and officials they are associated with. The west is as corrupt as the east these days.
Trump will probably be the West's Nero and unfortunately the barbarians on this occasion are fucking angry at the way they've been treated over the last 60 years.
Geography is seen as a mere inconvenience when applying laws. Hosting it in Panama is a very insignificant speed bump compared with Switzerland, especially that since to the USA Panama is very much what the Romans called a "client state".
€168 billion in VAT fraud a year because they can't exchange tax data if their life depended on it, and now they want to run a shadow bank to track my digital collectors items?
I hope there's a list of serial numbers for cash, so we know how many brown envelopes the crooked politicians have accepted in bribes to pass EU laws.
Take Nobody's Word For It.
Central Banks are 100% privately run, or at best, public-private companies.
That's how you subjugate countries. Not with cannons but with debt (i.e. to buy cannons). The central bankers have been indirectly writting the laws of countries for several centuries now.
Need facts? Go do your own research. It's well known (as in even wikipedia has it) that the ECB is owned by the several central banks of the European Monetary Union, and some outside of it. Now, central banks are usually very secretive about their shareholders but recently the Bank of Italy has began to publish its list. Go google for that if you want. You'll see how it is not state-owned.
It is higly regulated, because they can. Transfering money takes 2 working days when you transfer from or to a business account, because 9/11. Just before that date, they already had the direct payment between people in place. The US cried wolf and obviously the banks are not complaining.
Getting a credit gets harder. Not because people earl less, but because there are more rules. And why? Because it is possible. No other reason. Well, the reason is mostly money laundering and yes there will obviously be more money maundering, because they catch more people, because they get better at it.
More drugs? Not in Europe.
That said, it is extremely easy to move money from one account to another. I do it all the time. Just when it is more than 10.000EUR you will have to do it twice or take some extra time, because that is the tresh hold for the bank to start a separate investigation. They do not like to do that, so they just do not allow it by standard, but will when you ask them.
The restrictiveness in the banking workd I seer (in Belgium) is mostly to protect the individual from taking so much credit he can't pay anymore, so to protect them from themselves or an extention from what already existed. e.g. the definition of what is illegal. e.g. legal money for illegal activities is now illegal. That did not used to be the case.
Don't fight for your country, if your country does not fight for you.
That is all they want. They cant stand that people are using "money" without them getting their cut like they are used to.
Fuck the banking cartels and the elites that support them!
Tracking financial transactions is core to anti-corruption and anti-crime efforts around the world, and trade in any substitute convertible to money is the same.
God but you're a royal fuckwit. The regulations that apply to banks are damned near without measure.
you are a faggot obsessed with anal sex - get treatment
Thank goodness for Brexit.
The idiots at the EU can stick this where the sun doesn't shine (along with all their other crap)..
Fatalities are an irrelevant part of terrorism. The purpose of terrorism is to persuade people to support weird new laws, insane candidates, etc. That's how you should measure terrorism.
Terrorism works and is highly effective. Terrorism is what we have to thank for Trump being in the news, rather than still just some TV show.
So the question is: by making Bitcoin less palatable, does it help enable us to repeal shit like PATRIOT Act, make people like Trump stop running for president, etc. (Or.. uh.. the European equivalents of these things, in this story's case.)
IMHO the answer is no, so therefore this isn't anti-terrorism legislation. I think this idea is a product of terrorism, not an attempt to fight terrorism.
I think the only thing that EU is still missing is proper uniforms for its guardians (black with nice double lightning would be perfect on the collar). I find the said salute a bit silly but if they want to go all he way then so be it. Schulz and Juncker are also much less photogenic than the little Austrian back in the day was however and this is not fixable I think.
Freedom is a threat to 'them'.
Liberty is optional, regulated, and therefor nonexistent.
If you are not in the EU, take this as a lesson and consider how your situation could become that of someone in the EU. Then act accordingly.
deleting the extra space after periods so i can stay relevant, yeah.
I agree. A good read is The Short History of Banking Deregulation in the United States.
Basically, Reagan convinced everybody in the 80's that we should de-regulate banks because it would improve the economy.
Instead, it made bankers richer and eventually led to a financial crisis.
It's MY intellectual property, and if I ever discover my name in their database, there servers and database will be subject to electronic attack.
We are the government and since you don't have any guns to stop us, we can do whatever we like.
Fiat currency doesn't.
Govt can always track them when they cash out their bitcoins
Casteism