The European Union May Prohibit Cryptocurrency Transactions from Some Countries

News and Analysis

According to the vice commissioner of the European Council Valdis Dombrovskis, the regulations may incorporate prohibition of transactions from so-called “high-risk countries”.

Speaking at a press conference in Brussels on Saturday, February 13, Dombrovskis stated:

“By June at the latest we will propose measures to […] have better control of payment forms such as virtual currencies and anonymous pre-paid cards.”

The European Commission, which is the EU’s executive body, intends to scrupulously monitor and prohibit transactions from the countries it deems risky. However, the list of the countries subject to the prohibition measures is still under development. Dombrovskis said the Commission will also present the blacklist this June.

“In June the Commission will come up with an ‘EU blacklist’ of such countries,” he stated.

As ForkLog earlier reported, February 2, 2016 the European Commission announced its plans to impose stricter controls over accountability standards for cryptocurrency exchanges and bitcoin wallet providers. The organization believes this move may put a lid on anonymity which, to its reckoning, such platforms are associated with.

According to the Financial Times, several provisions incorporated in the new plans of the European Commission, had been included on the insistence of the French president, François Hollande, in the wake of the terrorist attack on Paris last November.

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