EU to create database of Bitcoin owners

The proposal aimed to fight money laundering and financing of terrorism
19 December 2017   440

Members of the European Parliament will consider setting up a central hub of bitcoin owners in Europe who use the online exchanges where bitcoin is bought and sold to fight money laundering and financing of terrorism.

Before this legislation you didn’t have to know who your customers are, it was fantastic for money laundering. We are normalising Bitcoin and other virtual currencies.

 

Judith Sargentini

Member of the European Parliament

The proposal was contained within updates to money laundering regulations agreed on Friday that require the online exchanges to abide by strict customer identity requirements, and to report suspicious activity to the authorities.

It is stated that the EU may set up a "central database registering users' identities and wallet addresses". The database will be considered in a 2019 review of the effectiveness of the new money laundering rules. It would be accessible to financial crime fighters such as the National Crime Agency, as well as asset recovery officers.

Recently, we have reported that Kuwait’s Ministry of Finance said that it does not recognize bitcoin and forbids its trading in the Kuwaiti financial institutions.

Poland’s Central Bank Sponsored Anti-Crypto Campaign

The Central Bank of Poland has admitted to sponsoring a smear campaign against cryptocurrencies on social networks
21 February 2018   38

According to a Polish news portal, the anti-crypto campaign was orchestrated by Youtube blogger from Poland, Gamellon. For this campaign, the Central Bank of Poland had spent 91,000 Zloty (about $27,000).

At the time of writing this article, this video has over 500,000 views and has not been marked as a paid promotion.

Gamellon used the hashtag #uważajnakryptowaluty, which stands for a website set up by the Polish government to warn users about cryptocurrencies. According to this site, there are several reasons on why users should be wary of cryptocurrencies.

Another blogger Planeta Faktów published a sponsored video on their channel titled ’10 Differences between money and cryptocurrency that you need to know’. It also has the same hashtag, #uważajnakryptowaluty. But unlike Gamellon ’s video, this one has an ‘Includes Paid Promotion’ tag at the start of the video.

There is no law against cryptocurrencies in Poland. But it is illegal to create sponsored content without explicitly mentioning it.