A new cryptocurrency database

July 28, 2016

cryptocurrency databaseThe European committee is going to create database which includes all the people using digital money like Bitcoin. The database should contain the private data of a user and the address of an electronic wallet. It is a kind of means which can help to avoid money-washing and terrorist financing.

Except that cryptocurrency will be recognized as official cash the project will also include the set of options. The options will be for the financial intelligence unit to monitor digital money as well as it is used for fiat currency.

The databases will be designed and managed by the financial intelligence units of Common Market countries. Users are allowed to register by themselves. According to the European committee it is necessary for creating and supporting central database which records user’s credentials as well as special declarations for digital cash users.

According to experts the project is considered to be disturbing. There are two main problems concerning the project. The first one is that it contradicts to data privacy law. The second one is connected with the low level of cybersecurity.

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