In recent years, heads of state and top executives in traditional banking have been pointing out how sensitive anonymous wallets can be to the transparency and security that blockchain technology can offer in the provision of economic and financial services and exchanges.
Among the positions of heads of state and leading traditional banking executives are the likely money laundering or terrorist financing that may be occurring within the cryptocurrency market through the use of anonymous wallets.
In this regard, European countries are considering banning anonymous wallets to easily trace transactions with cryptocurrencies, according to information recently shared by members of the European Commission, the aim is to make transactions with cryptocurrencies easier to trace, and for this purpose they propose to regulate cryptocurrency transfers in their territory to prevent money laundering and terrorist financing.
In this regard, the European Commission is considering banning anonymous digital wallets in its territory with the intention of regulating the market using anti-money laundering and anti-terrorist financing laws.
The aforementioned parliamentary committee is evaluating a restriction for all cryptocurrency-related service providers that will prevent them from offering anonymous wallets to their users with the intention of controlling the movements in this market more efficiently.
According to what can be read on the European Commission's web portal, it has been pointed out that the amendments will ensure full traceability of transfers of cryptoassets, such as Bitcoin or Ethereum, and will make it possible to prevent and detect their possible use for money laundering or terrorist financing.
SOURCES CONSULTED
Ec.Europa Beating financial crime: Commission overhauls anti-money laundering and countering the financing of terrorism rules. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Ec.Europa
