European Parliament Recommends Task Force on Preventing Money Laundering via Bitcoin
The European Parliament voted 542-51 Thursday to recommend the European Commission establish a task force to monitor bitcoin and other virtual currencies in a bid to prevent their use for money laundering and financial terrorism. The proposal, drafted by EP…
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Member Jakob von Weizsäcker, would allow the task force to make legislative recommendations for virtual currency. The task force should focus on “precautionary monitoring rather than pre-emptive regulation,” von Weizsäcker said in an EP news release. “But IT innovations can spread very rapidly and become systemic. That's why we call on the Commission to establish a taskforce to actively monitor how the technology evolves and to make timely proposals for specific regulation if, and when, the need arises.” In the U.S., a move is afoot to harmonize across states and federal agencies rules for virtual currencies (see 1602230071).