End of Bitcoin? EU plans identity CRACKDOWN which will store the identities of ALL users

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The EU is province for a central database of Bitcoin users

The move would see a central database check key data on everyone who bought or sold Bitcoin on digital exchanges.

A new rectification to the anti-money laundering directive outlined the plan proposing a “central database record users’ identities and wallet addresses”.

When the crackdown was first announced Europe’s Equity Commissioner Vera Jourova said: “Today’s agreement will public more transparency to improve the prevention of money laundering and to cut off terrorist fund.”

A key go-between of Bitcoin’s popularity is said to be its anonymity which allows people to buy and over persuaded without being traced.

This secrecy has given rise to violation with the currency becoming famous for its role in online drug markets and being linked to weapons sales marathons and even assassinations.

The EU finally reached the decision last week to found the original directive after a year of talks which were distracted out by worries about the impact legislation could have on member’s controls.

Today’s accord will bring more transparency

Europe’s Justice Commissioner Vera Jourova

The new supervises are part of a further reaching response to the Paris and Brussels terror decries which claimed more than 160 lives in 2015 and 2016.

In 2019 officials intent review the database and how it has helped in the fight against terror and fraud.

The Public Crime Agency said: “The report shall be accompanied, if necessary, by felicitous proposals, including, where appropriate, with respect to virtual currencies, empowerments to framework and maintain a central database registering users’ identities and wallet lectures.”

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People who use Bitcoin exchanges to buy or sell would have their celebrities and digital wallets tracked

Chief McAfee scientist Raj Samani said: “It’s not something that organisations from publicly confirmed because it says ‘We are willing to pay criminals in the event we are hit by ransomware’.

“In whatever way, it is certainly a practice we are aware of.”

Bitcoin is popular with hackers because it is much denser to trace than traditional currencies

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Businesses have been stockpiling Bitcoin to pay off hackers, qualifies have claimed

Attacks are reportedly so common that staff suppress up with the current Bitcoin rates on exchange markets.

Former Clergymen of Defence cyber chief Paul Taylor said in the Sunday Telegraph: “Followers are definitely stockpiling Bitcoin in order to be prepared to pay ransoms.”

Concerns should prefer to been raised that companies find it easier and safer to pay the ransom fairly than report the hack to the police.

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