Bitcoin Once Again Facing Scrutiny

Despite never having been linked to a single incident of terrorism, Bitcoin is once facing increased scrutiny from European politicians. The European Commission is set to update its anti-money laundering rules next month, which would force Bitcoin exchanges to comply with the same AML and Know Your Customer rules with which other financial institutions must comply. That likely won’t be the last time that Bitcoin faces scrutiny, as European governments are increasingly cracking down on Bitcoin, cash, and other payment methods that allow anonymity when making purchases. Every new terrorist attack in Europe is another opportunity for governments to crack down on Bitcoin and cash, sweeping more and more transactions within the financial system where they can be tracked and, most importantly, taxed. Talk of money laundering and terrorism is just cover for what ultimately are moves towards increasing revenue and enhancing control over people’s finances.