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Belgian Government Aims To Prevent Bitcoin Money Laundering

bitcoinist.net / Jp Buntinx / 2016/01/26 10:19 AM

According to a recent article in Belgian newspaper De Morgen, the government is setting plans in motion to target money laundering actions in Bitcoin. Similarly to any type of payment in the world, Bitcoin has become a tool wielded by internet criminals. However, the popular digital currency does not provide privacy or anonymity, and tracking down individuals using Bitcoin for money laundering purposes is a lot easier compared to when cash is involved.

Also read: UniChange Launches Bitcoin Debit Cards!

Money Laundering And Bitcoin Is Not Such A Big Issue

There is still a lot of confusion as far as Bitcoin and digital currencies are concerned. Far too many people still believe Bitcoin offers anonymity and privacy, even though nothing could be further from the truth. However, it only makes sense government officials want to prevent money laundering from happening, and they will be taking a closer look at the concept of Bitcoin altogether.

First of all, Bitcoin is a far cry from anonymous, as every transaction can be tracked on a public ledger in real time. As part of this technology, both the sender and recipient will be visible for the entire world to see, although no personal information about the users is shown at any point. Identifying people by their wallet address is quite a challenge, but sooner or later, the funds will end up at a Bitcoin exchange.

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