Wolf Street
Bitcoin Proves You Cannot Have Your Digital Cake and Eat it Too
Nathan McDonald, Sprott Money
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The EU is targeting bitcoin anonymity, saying the measure is needed to tackle tax evasion and other crimes. Anonymity of the cryptocurrency holders is a built-in feature that the EU hopes to undermine.
The new rules concerning cryptocurrency passed on Friday by the European Parliament and the European Council are part of a larger package, which also target prepaid cards and trust funds. The agreement is meant to be enshrined in legislation within 18 months by EU members.
Once they become law, the rules will require cryptocurrency exchange platforms and wallet providers to identify their clients. Identifying individuals and entities holding bitcoin and other digital currencies will presumably help to prevent tax evasion, money laundering and financing of terrorism.As Yves Smith has said, "prosecution futures."
RT
Crypto-crackdown: EU agrees on new rules to curb bitcoin anonymity
2 comments:
Sounds like a ponzi scheme, then.
Problem with that is that it doesn't solve anything. You don't need a 'wallet provider' to hold bitcoin. You just need some software and a hash.
And the exchanges will simply move elsewhere, and pair with whatever currency will allow the exchange. If that requires a double shuffle to the Euro, that is what will happen.
Again the legislators don't know how to deal with decentralisation. Their only functional control point is the exchange into their own currency - the Euro.
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