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EU Plans To Create Database of Bitcoin Users With Identities and Wallet Addresses (softpedia.com)

Posted by BeauHD on from the known-transactions dept.

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."

5 of 130 comments (clear)

  1. Really? by Anon-Admin · · Score: 5, Insightful

    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.

    1. Re:Really? by Anonymous Coward · · Score: 3, Insightful

      because it leaves a trail. once they have one point they can then connect you to everything that flows in or out or any other wallet you have transactions with. It is the inherent problem with bitcoin, it is all well and good till you actually need to use it for something in the real world.

    2. Re:Really? by Opportunist · · Score: 3, Insightful

      Shhh... Governments are like parents. As a kid, you keep your parents thinking that you believe in Santa so they continue to give you gifts at Christmas. With governments, you keep them thinking that their laws work so they keep out of your hair.

      --
      We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
  2. EU = Rothschild banking cartel by Anonymous Coward · · Score: 0, Insightful

    This is so the Rothchild's can control ever facet of the world economy.

  3. Re:LOL Politicians by Anonymous Coward · · Score: 2, Insightful

    And they're going to enforce the "opt in" part of this deal how,

      "Jail" the way governments control things.