European Lawmakers to Target Bitcoin for Supporting Illegal Trades

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European Lawmakers to Target Bitcoin for Supporting Illegal Trades

ForexMinute.com – Many countries have previously spoken about the ill-effects of Bitcoin and other decentralized cryptocurrencies, but this might be the first time when the lawmakers from the entire continent is joining to together to combat this new-age payment technology. The Dutch Public Prosecution has thus integrated similar law administrations from Europol, Netherlands, Germany, the UK and Portugal to join the alliance and fight illegal online marketplaces as one.

The project is called The Illegal Trade on Online Marketplaces (ITOM) which with the cooperation of the aforementioned alliance will be looking after prosecuting criminals involved in malicious trading activities on the internet. The jurisdiction of this project will go as far as the countries involved in it. For now, ITOM is expecting to send invitations to other European countries as well, so as to make sure that its presence is feared among “Dark Markets” throughout Europe.

The news has indeed came like blow to the cryptocurrency sector whose operations are, in fact, growing inside the European zone. The chances of ITOM getting stronger is invincible, but the only serious damage this project can do to regular Bitcoin businesses is ‘enforcing unfair laws’ (something like BitLicense in New York). Read this diplomatic statement for instance, given by Openbaar Ministrie spokesperson Wim de Bruin:

“We hope to have a better insight into the effects and necessity of regulations regarding crypto currencies within the EU at the end of the project in 2015. The aim of the project is to advise the European Commission and member states in this matter. With that we also hope to stimulate uniformity between the member states in how they regulate and deal with crypto currencies.”

It clearly means that businesses involved with the Bitcoin technology will have to face some sever regulations – a major point of which will be submitting the personal details of each and every client they do business with. Many businesses from New York have already rubbished such regulations, saying it would be impossible for them to implement such rulings. “Overall, restrictions will only resist people from entering cryptocurrency sector rather than doing any real good,” a Bitcoiner comments. “Who could stop illegal trades even when there were no digital currencies?”

To contact the reporter of the story: Yashu Gola at yashu@forexminute.com