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European Commission: Organized Crime Rarely Uses Cryptocurrencies


Last published European Commission report says that cryptocurrencies rarely used by organized criminal groups.

The report says, that several researches on virtual currencies shows rarely used by criminal groups. Although they [virtual currencies] have a high level of anonymity, their circulation is limited by the high technologies underlying them. Thus, according to the European Commission, cryptocurrencies are not so popular among criminal elements due to the fact that not everyone knows how to use one.

The report, in particular, says that one of the possible areas of regulation is the creation of users databases.

Soon the European Commission will prepare a new report, that specify the proposals for regulating the cryptocurrency industry. It will counter the use of digital currencies for criminal activities.

Recall, the new amendments to the 4th Directive of the European Union give virtual currencies the same obligations as other financial services. Thanks to its adoption, the use of the EU financial system for money laundering and terrorist financing will be prevented. The requirements of the directive come into force in the summer of 2017.