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Monday, April 3, 2017

Why the European Union is Against Anonymous Digital Currencies

Why the European Union is Against Anonymous Digital Currencies

The EU Directive 2015/849 - that requires Compliance by June of 2017 - wants to avoid potential money laundering. This is the fourth to address this issue, with the first directive enacted back in 1991.

The EU’s definition of money laundering has been changed among the different directives and the latest one is focused on Bitcoin and digital currencies with the goal of a new regulation for wallets and cryptocurrencies admins.

From this perspective, it is impossible not to link this directive to the continuous wrong association of Bitcoin to illegal activities.

As I wrote in a recent article, can regulation be a good answer to AML-related issues? Regulating or being afraid of something because it might be used for illegal activities is like blaming fiat currencies because they are used to buy drugs or weapons.

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