There has been a lot of discussion recently about steps being taken by the United States government to restrict and control cryptocurrency. This week there was outrage within the cryptocurrency community about the Combating Money Laundering, Terrorist Financing and Counterfeiting Act of 2017.
The bill would “would bring a range of digital currency services under federal scrutiny, including those that provide transaction mixing services.”
Today, however there is news about an ambitious project being planned in the European Union with the goal of being able to monitor blockchains, deanonymize wallet addresses, surveil dark net markets, and stop terrorists and money launderers.
Project TITANIUM
“which stands for Tools for the Investigation of Transactions in Underground Markets, is a three-year, €5 billion ($5.5 billion) project that will unite universities, private research firms and law enforcement agencies from the U.K., Germany, Spain, Austria, the Netherlands and Finland.”
Project Titanium: What you need to know
An article written by Scott Dylan and published by Bitcoin Magazine does a good job of breaking down the key points regarding Project Titanium. I have taken the liberty to read the article and further reduce the info into a quick and concise report for my followers.
How will Project Titanium operate?
“The project plans to create forensic tools to spot clusters of addresses controlled by the same entity; identify mixers or tumbler addresses used for money laundering; crawl the webs, both clear and dark; and automate information gathering about illegal activities.”
The project also seeks to further train and equip law enforcement to deal with cryptocurrency.
Current Legislation in the EU
“United Kingdom already has one of the most wide-ranging surveillance laws, the Investigatory Powers Act, which went into force December 30, 2016.”
“The EU is mulling a more direct approach to the problem of cryptocurrency. According to a proposed directive released on March 9, 2017, the EU could require exchanges and wallet providers to submit account owners’ identities to a central database.”
Results
“The rules would not just apply to bitcoin, but all “virtual currencies,” and would effectively ban anonymous cryptocurrency, at least in the EU. The proposed directive is intended to combat money laundering and terrorism, despite scant evidence that cryptocurrencies play a prominent role in either.”
The quote below should give you an idea of how EU bureaucrats view cryptocurrency…
““virtual currencies should not be anonymous,” and that the anonymity or pseudo-anonymity of cryptocurrencies is “more a hindrance than an asset” for legitimate users.”"
What do you think, is anonymity a “hindrance” for you?
Sources
http://www.coindesk.com/forfeit-bitcoin-congressional-bill-draws-fire-border-check-rules/
http://cordis.europa.eu/news/rcn/141335_en.html
https://bitcoinmagazine.com/articles/project-titanium-eus-plan-decloak-cryptocurrency/
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I remember when bitcoin was thought to be anonymous and people actually met at Starbucks to buy and sell, parking around the block so the person you met wouldn't even have your license plate number. Seems to me these people believed anonymity to be an asset. I don't think that has changed.
Much of the early adoption was fueled primarily by individuals who believe in anonymity and privacy I do not think they will be so willing to part with these beliefs.
Anonymous use is a choice that users should have. It cannot be stopped, only delayed. The days of fully monitored finance are gone. The world will move beyond that (and with it, over time the concept of large nation states).
The genie is out of the bottle...
They're gonna figure out who owns what blockchain assets and even crack through tumblers? Genuine ego!
Haha, there are ways that could accomplish some of this, but the tech in privacy based cryptos is getting leaner, meaner and stronger.
Check this out for example https://steemit.com/cryptocurrency/@digicrypt/verge-interview-with-a-verge-developer
Those in government that do not understand cryptocurrency FEAR it and those that do understand FEAR it even more.
Then there are the bankers that they are in bed with. What I find most repulsive is that most of these bankers are probably raking it in from crypto on the quiet themselves.
Well your FEAR will not stop this - crypto belongs to nobody and everybody and you will never stop it now.
"Those in government that do not understand cryptocurrency FEAR it and those that do understand FEAR it even more."
That is a good quote. This technology could also be used to streamline governments and make them more accountable and efficient, but some do not want that...