The end of anonymity for Bitcoin? EU proposes tracking cryptocurrency users

The European Commission wants to take the anonymity away from virtual currencies by demanding users register on a database so they can be tracked. The proposal would provide the EU with a record containing the real-world identities of people using cryptocurrencies as well as the addresses of the virtual wallets where their money is held.
Cryptocurrencies like Bitcoin can’t be traced, making them a popular choice for cyber-criminals for funding illegal activities. Ransomware attacks, for example, often demand payments in Bitcoin because it leaves no identifiable paper trail to their source.
Softpedia reports that the EU wants to introduce a database of cryptocurrency users as part of the reform of its Anti-Money Laundering Directive (AMLD), which will be broadened to include so-called virtual currencies.

This post was published at International Business Times on July 27, 2016.