EU - Bitcoin Transfers Must Be Identified

K. Farmer

Proposed changes to EU law would force companies that transfer Bitcoin or other crypto-assets to collect details on the recipient and sender.

The proposals would make crypto-assets more traceable, the EU Commission said, and would help stop money-laundering and the financing of terrorism.

The Commission argued that crypto-asset transfers should be subject to the same anti-money-laundering rules as wire transfers.

Under the proposals, a company transferring crypto-assets for a customer would be obliged to include their name, address, date of birth and account number, and the name of the recipient.

David Gerard, author of Attack of the 50 Foot Blockchain, told the BBC: “This is just applying existing rules to crypto. This has been coming since 2019.”

He said that although these were European proposals their impact would reach much further.

“If you want to make real money, you have to follow the rules of real money,” he said.

-www.bbc.com, 20 July 2021

Commentary

From this article, we can see how slowly but surely, any attempt to make financial transactions anonymous will be met with regulation by governments. The EU is again taking the lead on imposing its regulatory powers on matters of international finance and economy. As David Gerard states, “although these were European proposals their impact would reach much further.” Namely, the Roman dominance will extend to planet earth, as Bible prophecy states.

The time is not too far when the final regulatory authority will exert his control over worldwide transactions: “And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name” (Revelation 13:17). (By K. Farmer)

Arno Froese is the executive director of Midnight Call Ministries and editor-in-chief of the acclaimed prophetic magazines Midnight Call and News From Israel. He has authored a number of well-received books, and has sponsored many prophecy conferences in the U.S., Canada, and Israel. His extensive travels have contributed to his keen insight into Bible prophecy, as he sees it from an international perspective.

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