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Technology / Software

EU plans major crackdown on Bitcoin following Paris attacks

In the wake of the recent Paris attack, the EU is planning a major crackdown on virtual currencies including Bitcoin and payments made through online and via pre-paid cards.

The step is being taken to block funding and transactions that may help terrorists.

EU interior and justice ministers are set to meet in Brussels today to propose cracking down on electronic payments and digital currencies, along with anonymous use of pre-paid cards to strengthen controls of non-banking payment methods along with transfers of gold and precious metals, reported Reuters.

Bitcoin is a crypto currency that can be acquired through virtual mining, and it is used to moving money across the globe in an anonymously way without the need for third-party verification.

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However, the currency is often accused of being associated with several criminal and illegal activities due to the anonymity it offers.

Europol recently published its annual report into cybercrime, which found out that the currency was used by criminals who were coming out of the darknet, and into the light.

The virtual currency also played a major role in the Silk Road, an online marketplace for illegal goods, which the FBI got hold of.

The EU was planning to take steps to treat bitcoin like any other currency, but after the Paris attack the currency seems to have got into trouble again.

This article is from the CBROnline archive: some formatting and images may not be present.

CBR Staff Writer

CBR Online legacy content.