EU to regulate Bitcoin and other anonymous online payments after Paris attacks

     A week after the terrorist attacks in Paris, home affairs ministers from EU countries gathered in Brussels, the capital of Belgium, to discuss how to strengthen prevention against terrorism.

     A key theme of the meeting was a plan to clamp down on virtual currencies and anonymous payments made online and via prepaid cards.

     According to the minutes of the meeting, EU interior and justice ministers will urge the European Commission to strengthen controls on non- bank payments, including electronic and anonymous payments, virtual currencies and transactions involving gold and precious metals exchanged through prepaid cards.

     Bitcoin , one of the most common virtual currencies, is often used for anonymous transactions online and can be circulated quickly around the world without third-party authentication. In addition, anonymous electronic payments can also be made through gift cards purchased in stores.

     The conference will also continue to focus on the European online database. The minister plans to "strictly control the illegal trade of cultural products."

     The European Commission has collated several decisions from the meeting and released an official statement. In the statement, drafted by Luxembourg Minister of Internal Security and Deputy Prime Minister Etienne Schneider, French Minister of Internal Security Bernard Cazeneuve and European Commission member Dimitris Avramopoulos, the following statement was made: "The brutal attack on 13 November 2015 was an attack on the whole of Europe. Europe has a responsibility to defend fundamental rights and not to succumb to terrorism. Europe will be united in the face of violence and hatred."

     Mr. Schneider also said: "Europe stands with France in the face of violence and terrorism." He believes that this meeting "ensures that appropriate measures are taken and that Europe responds strongly to terrorism."

     Mr Cazeneuve added: “Our fight against terrorism requires determination more than ever before.”