The cyber money that has gained incredible traction over the past few years Bitcoin is about to suffer a dramatic change as the European Commission is talking about ending the virtual currency’s anonymous trading practices. The European Union’s executive division is doing so in an effort to expose funding used by terrorist organizations.
The proposed legislation brought forward by the European Commission if passed, the law would go into effect by 2017 although there has not been any concrete evidence that terrorist groups are using the cyber coinage to fund their horrible actions.
European Commission Vice President Valdis Dombrovskis said to Fortune magazine recently, “We want to improve the oversight of the many financial means used by terrorists, from cash and cultural artifacts to virtual currencies and anonymous pre-paid cards, while avoiding unnecessary obstacles to the functioning of payments and financial markets for ordinary, law-abiding citizens,”
keeping track of bitcoin users may prove very difficult because if a Bitcoin purchaser does so on an exchange not located in Europe, it puts the activity beyond the mandate of the E.U. Commission. Peer-to-peer transactions are nearly impossible to follow once the Bitcoins are obtained. Currently the virtual cash is trading at around $385 USD per coin and even the proposal that the transactions in European exchanges be made public will surely affect the value. Bitcoin’s anonymity as a key component of the currency’s usefulness and taking that away even just in European jurisdiction could be very controversial.
A statement by the officials in the E.U. said, “There is a risk that virtual currency transfers may be used by terrorist organizations to conceal transfers, as transactions with virtual currencies are recorded, but there is no reporting mechanism equivalent to that found in the mainstream banking system to identify suspicious activity.”
There are many online casinos that offer play using the virtual currency and that list is growing every day. Whether this possible change in Europe will diminish its popularity will definitely be a gamble for punters.