Daily Insights (Monday)

May 15, 2018

The European Union approved new anti-money laundering (AML) legislation in part targeting in cryptocurrency.  Authorities are specifically targeting anonymity in the use of cryptocurrencies, such as Bitcoin, along with the use of consumer banking products, such as prepaid cards.



“This legislation helps address the threats to our citizens and the financial sector by allowing greater access to the information about the people behind firms and by tightening rules regulating virtual currencies and anonymous prepaid cards,” MEP Krišjānis Kariņš said in an accompanying press release.

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Bitbond, a German online bank, is utilizing Bitcoin to allow international transfer of loans instead of SWIFT network. The total loan volume of Bitbond exceeds $10 million. The company has solid experience of working with blockchain and has decided to continue its development with the new approach to international transactions. The bank is mostly working with small business.

The money transfer via the new system is using Bitcoin’s blockchain; however, the loan amount is held in the cryptocurrency not longer than a few minutes. After that it is exchanged back into the necessary currency.

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