European Union Leaders Seek Greater Oversight of Bitcoin Activity

A group of European heads of state are pushing for greater oversight of digital currency activity in the European Union.

Feb 13, 2016 at 3:00 p.m. UTC
Updated Sep 11, 2021 at 12:08 p.m. UTC

The European Council, a body within the European Union composed of heads of state as well as the president of the confederation's executive branch, will propose rules for digital currency exchanges and wallet providers in the region by June, according to statements today following a meeting in Brussels.

The news comes on the heels of a move by the European Commission to set the stage for stricter oversight of exchanges and wallet service providers. On 2nd February, the Commission said that it seeks "to help identify the users who trade in virtual currencies", as well as end "the anonymity associated with such exchanges".

During a press conference today, Valdis Dombrovskis, who services as vice commissioner for the group, told reporters:

"By June at the latest we will propose measures to...have better control of payment forms such as virtual currencies and anonymous pre-paid cards."

Dombrovskis went on to say that the Commission is preparing to monitor and potentially prohibit transactions from "high-risk countries" that enter the EU.

"In June the Commission will come up with an 'EU blacklist' of such countries," he said.

According to a press release, published yesterday, the Commission is seeking "rapid" action on legislation related to "the field of virtual currencies". This action comes as the European Parliament, the legislative arm of the EU, also considers its own form of digital currency regulation.

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