EU wants to create a database of Bitcoin users

 The end of anonymity for Bitcoin users may be fast approaching as the  EU has put forth a proposal that would require anyone using the  cryptocurrency in the member states to register on a database. The European Commission (EC) is behind the push to take away  anonymity from Bitcoin and other virtual currencies with the hope that  this could help prevent a number of crimes that use digital wallets as a  means of avoiding a paper trail. The proposal would require all users  of the cryptocurrency to register using their real-world identity and to  provide the addresses of the virtual wallets containing their funds. 

Since Bitcoin is untraceable by nature, cybercriminals have embraced  the virtual currency to commit cybercrime. This is especially so with  ransomware where users often have to pay using cryptocurrency to unlock  their files after falling victim to an attack. The global rise in this  form of malware has affected individuals, companies, and even  governments, which is why the EU is willing to do anything in its power  to prevent it from becoming a larger problem than it already is. The EU is currently working on reforming its Anti-Money Laundering  Directive (AMLD) and has decided to add a database of cryptocurrency  users to it in order to prevent criminals from laundering money in an  untraceable way via the internet. It has been quite difficult for  governments to include cryptocurrency into their laws as this nascent  technology is rarely recognized as actual money by financial  institutions. The latest version of the AMLD will recognize virtual currencies as  money and its database will remove the anonymity that those employing it  for nefarious purposes have hid behind for some time. The companies  that provide digital currency wallets will also be held accountable to  require that users in the EU register using their real information. 

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