EU Rules Against Anonymous Transactions

FinanceMagnates – After more than a year of deliberation, the EU decided to outlaw anonymous cryptocurrency transactions on Friday, according to a report from Reuters.

Cryptocurrency exchanges and wallet providers will be required to identify users. The European Parliament’s Committee on Economic and Monetary Affairs said that the ruling must be converted to enforceable law within EU member states within 18 months.

The discussion began in earnest in 2015 after 130 people were killed in a major terrorist attack in Paris. Concerns regarding the financing of terrorism became very immediate, and Bitcoin regulation was one of the primary subjects of discussion after the event. The currency came under suspicion because anonymous transactions were seen to have at least partly helped the coordination of the attacks escape the notice of security authorities.