As the financial and banking systems begin to implode all across the Eurozone, a new proposal by the European Commission (EC) seeks to dissuade the use of Bitcoin as an alternative to devalued fiat currencies by attempting to monitor all customer transactions under the guise of ‘terrorism and money laundering’.
Bitcoin is crypto-currency which was created to allow de-centralized commerce between two parties, and outside the purview of government and central bank control. And its rise in popularity has caused fear within the establishment which has sought to both label it a security rather than a currency, and in using propaganda such as ‘only criminals use Bitcoin’ to scare average people from investigating and moving into the digital money.
The European Commission (EC) has introduced new proposals aimed to stop terrorists using virtual currencies. It must first be voted and agreed by EU member states before coming into force.
The proposals will impose tighter regulations on digital currency platforms such as Bitcoin to prevent their use to fund terrorist activities. The providers will be obliged to monitor transactions and users the same way banks do.
The measure is also aimed at money laundering and tax avoidance, bringing virtual currency exchanges under the EU’s Anti-Money Laundering Directive. Under the new restrictions, the EU will lower the non-reloadable prepaid card threshold to $167 (€150) from $276 (€250). - Russia Today
The European Commission is one of the most bureaucratic, technocratic, and un-Democratic governing bodies in the world, and was the primary impetus behind Britain voting to leave the European Union just three weeks ago. And rather than allow citizens within the EU to have an alternative to negative interest rates, deflation, and a devalued Euro that are the consequences of bad central bank policies, the EC is deathly afraid of the people losing more confidence in the Eurozone experiment and moving away from their draconian control over the political and economic infrastructures on the continent.
Bitcoin, along with physical gold and silver, are some of the few options available to the common man to protect their wealth and rebel against the tyranny of central bankers and devalued currencies. And just as the U.S. has used the ideological ‘war on terror’ to implement a surveillance state and monetary controls such as Fatca and civil forfeiture, the EU is acting in desperation mode now that one of their members has chosen to leave the union. And there is no better way to choose freedom and self-determination than to take one’s money out of a corrupt system, and into a form of money that is outside the controls of government agencies.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com,Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.