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EU Plans Crackdown on Bitcoin to Curb Terrorism Funding

EU Plans Crackdown on Bitcoin to Curb Terrorism Funding

By Reuters | Updated: 20 November 2015 16:56 IST

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European Union countries plan a crackdown on virtual currencies and anonymous payments made online and via pre-paid cards in a bid to tackle terrorism financing after the Paris attacks, a draft document seen by Reuters said.

EU interior and justice ministers will gather in Brussels on Friday for a crisis meeting called after the Paris carnage of last weekend.

They will urge the European Commission, the EU executive arm, to propose measures to "strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies and transfers of gold, precious metals, by pre-paid cards," draft conclusions of the meeting said.

Bitcoin is the most common virtual currency and is used as a vehicle for moving money around the world quickly and anonymously via the web without the need for third-party verification.

Electronic anonymous payments can be made also with pre-paid debit cards purchased in stores as gift cards.

EU ministers also plan "to curb more effectively the illicit trade in cultural goods," the draft document said.

© Thomson Reuters 2015

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Further reading: Bitcoin, Digital currency, Internet, Virtual currency