View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
  2. Software
November 20, 2015

EU plans major crackdown on Bitcoin following Paris attacks

News: EU plans to strengthen control over all the non-banking payment methods.

By CBR Staff Writer

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.

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.

Content from our partners
DTX Manchester welcomes leading tech talent from across the region and beyond
The hidden complexities of deploying AI in your business
When it comes to AI, remember not every problem is a nail

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.

Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how Progressive Media Investments may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.