Europe Cracks Down On Bitcoin, Virtual Currencies To "Curb Terrorism Funding"

Tyler Durden's picture

In the past we have explained why when it comes to circumventing capital controls, primarily in the context of China, there are few as simple and as efficient alternatives to Bitcoin - contrary to what Bernanke may think, gold is concentrated money (and in India it now pays interest) but when it comes to transferring it across borders, it tends to be rather problematic. And now Europe appears to have figured this out, and as Reuters reports, European Union countries are preparing to crackdown on virtual currencies such as bitcoin, and anonymous payments made online and via pre-paid cards "in a bid to tackle terrorism financing after the Paris attacks, acording to a draft document."

Just a week after the Paris terrorist attack, showing a dramatic ability for coordinated work by a continent that is known for anything but, today EU interior and justice ministers are gathering in Brussels for a crisis meeting called after the Paris carnage of last weekend. This happens days after the European Commission already announced it would make procurement of weapons across Europe virtually impossible, if only for citizens who wish to obtain protection legally.

According to Reuters, the justice minister will urge the European Commission, the EU executive arm, to propose measures to "strengthen controls of non-banking payment methods such as electronic/anonymous payments and virtual currencies and transfers of gold, precious metals, by pre-paid cards," draft conclusions of the meeting said.

Conveniently, Reuters reminds us that "Bitcoin is the most common virtual currency and is used as a vehicle for moving money around the world quickly and anonymously via the web without the need for third-party verification. Electronic anonymous payments can be made also with pre-paid debit cards purchased in stores as gift cards."

But no more: "EU ministers also plan "to curb more effectively the illicit trade in cultural goods," the draft document said."

And with all of Europe sliding ever deeper into negative rates, and where a ban on cash bank notes is an all too realistic possibility, the easiest mechanism to evade the ECB's creeping financial oppression is about to be made illegal.

Finally, there was no word about the true source of terrorism funding: those mysterious "third parties" which keep pumping the Islamic State with hundreds of millions in cash in exchange for its crude oil. Perhaps Europe is so unwilling to dig down into this most important question (which as we said last night nobody is willing to ask) because it either already knows the answer, or realizes that the people implicated just may be some of the wealthiest and most respected Europeans, and the resulting stench could spread all the way to the various unelected politicians and ex-Goldmanite central bankers?

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firstdivision's picture

There goes the Bitulip bubble.  So long.

Haus-Targaryen's picture

For the children ... my ass.  

Of course they would use terrorism and drugs to first ban BTC, then they'll go after cash, and then after PMs.  

J S Bach's picture

Wow.  Now any potential threat to the international usurers' counterfeit monopoly is considered "Terrorist Funding".  They're getting pretty desperate.

fudge's picture

and who here did not see this coming 2 years ago ?

Latina Lover's picture

Must collect more taxes to pay for the warfare/bankster welfare state.....can't let the slaves out of the cave. 

 

BTW, I doubt this attempt to herd the sheeple against bitcoin will work.  Europeans know that the EU is a criminal racket controlled by banksters, and are used to evading taxes. They will go to barter and/or use bitcoin when it becomes a matter of survival. Gold will also play its part as a hedge against government incompetence/criminality.

Xibalba's picture

cuz dollars are never used for that shit .... smh

StackShinyStuff's picture

Is it time to seh teh bitcoin?

SoilMyselfRotten's picture

Killing BTC has now left the terrurists badly underfunded, now if we institute our No-Fly-Zone it will take care of their Air Force. Wait, what, they have no AF? WTF?

Gaius Frakkin' Baltar's picture

They want to ban .stl files of weapons too:
http://www.reuters.com/article/2015/11/19/us-france-shoooting-eu-passpor...

Maybe they should ban all open source software and hardware while they're at it?

Must not investigate banks and other EU/NATO members for supporting ISIS. And God forbid anyone make the distinction between White people and dune-coons.... so... must attack technology instead.

It reeks of desperation and it will fail.

coinhead's picture

OMG!! IT'S BITCOIN SATOSHI WE LOVES YOUS!!!!!!!!!!!!!!

HopefulCynical's picture

The key to ending terrorism is to crack down on banksters. But since they own & operate all the governments, the bankster crackdown will have to be a grassroots effort.

coinhead's picture

There's no way that governments and countries as worthless and stupid as the EU and US can fight and win against Bitcoin.

HopefulCynical's picture

Bitcoin is every bit as much Ponzi as FRNs. It's just outside the Rothschilds' control. If they find a way to get control of it, they'll use it to replace all physical currency in a heartbeat.

And remember, Bitcoins don't fare well against EMPs, either. And the total systemic collapse of the global economy is going to bring the grid down, even without any sort of nuclear weapons or other EMP sources. That's just a given.

commander gruze?'s picture

You sir make average Zerohedger look like Bitcoin expert by comparison.

15horses1donkey's picture

Average zerohedger designed cryptocurrency: Zero Hedge Coin 0. http://zhc0.com

Join the team, let's make it viable. It's for fun and education. Cost <1BTC to create...

SILVERGEDDON's picture

Tyler Durden.

Why haven't you taken this Aussie shitcoin jerk off out to the woodshed for a good legal beating yet ?

Pimping an offshore Zero Hedge branded cryptocurrency ?

Sweet jesus maybelline - it is worse than seeing Santa bung holing the Tooth Fairy while she is sucking off the Easter bunny.

Please bitch slap this guy into the middle of next week with a legal lead filled pipe.

Anonymous User's picture

Europeans are in dire need of a Breivik in Brussels.

Fragging everybody wearing a monkey suit. 

SILVERGEDDON's picture

Buh de smokin' hole whar shitcoin used tu bee, buh buh, shitcoin.

coinhead's picture

So now we get to see how desperate TPTB are to kill Bitcoin don't we?  DON'T EVER try and put words in teh we's mouth because this is EXACTLY teh war we always wanted to fight with teh establishment!  We will fight and we will win!

CPL's picture

It's fine.  All marketing, good or bad, is great marketing,  Every screw up they make, the more people shift over.  Every time it's broken, the technology flaw is highlighted as a bug and fixed.  After a couple of years, it's gone from "crappy" to "okay", in a couple more BTC will be the dreadnought of transaction mediums then crush all the fiat crap.  Because the people trying to stop it don't understand yet that they are the QA group finding the bugs in it.  It is much easier letting the Banksters white wash the BTC fence.  You know, considering there is no budget in a grass roots community driven open source initiative, the free services they've been providing in terms of Infrastructure, QA and Security gap analysis are invaluable.

All their base belong to BTC and they didn't even realize it.  The fact is, Banksters fucking with BTC was planned for, in fact it was a key element in the delivery of BTC.  Saves our developers time and energy finding holes to patch and wastes their energy trying to fuck with it.  Each time highlighting every dirty trick they use as a bug fix.  They have been excellent contributors to the open source project called BitCoin, even if they didn't know it.  Then again the banking industry hasn't been known for project management or flexibility.  IT certainly has Project Management though, got it coming out of our ears.

coinhead's picture

Yes it is time to buh teh Bitcoin as teh die is cast.  Bitcoin is money against teh state and they've just proven it!

Thanks EU!!

MissCellany's picture

"and who here did not see this coming 2 years ago ?"

Fonestar.

fudge's picture

LoL, I bet he don't come back today :D :D

coinhead's picture

You bet wrong.... Bitcoin is unphased trading at $320 USD

https://btc-e.com

coinhead's picture

"and who here did not see this coming 2 years ago ?"

Fonestar.

 

No you FUCKING RETARD!!  fonestar DID see this coming AND WANTED IT!!!  Goof!

SILVERGEDDON's picture

Fonestar was a genius, and erudite for a fanatic pimping a ponzi electron crypto scheme.

He was entertaining, and a gentleman.

You sir, are a pale Gollun skinned cheeto stained cretin chained to a Playstation in your mommie's basement, not at all familiar with Spellcheck, and blessed with a 300 word vocabulary, tops.

If only Fonestar had not slipped in the shower and hung himself with his own block chain.

Things would be different then, by golly.

Well, probably not.

fiatliberty1776's picture

We saw this coming but understood how important it is to fight for and will continue to support it til they rip my private keys from my cold dead hands or eventually move to something even more anonymous.  Does money and software still equal free speech or do us common folk still need permission? No matter what it will be interesting to see how it plays out and more excited than ever to play a small part in the cryptorevolution.

maxamus's picture

Why obviously the terrorists.....

Pickleton's picture

"and who here did not see this coming 2 years ago ?"

 

I'll take all the ZH bitcoin pimps for $1000 Alex.

coinhead's picture

wrong again reject, it was us who DID see this coming.

"EU fights math to end terrorsism...  EU loses". 

DavidC's picture

Desperation would seem to be an understatement.

DavidC

Calmyourself's picture

Wait a sec....  I was told it was not possible to "ban" or otherwise inhibit bitshit, it was invulnerable because of the internetz or some such....  Now you tell me this??  I cashed in all my gold for bitshit dammit..

Sudden Debt's picture

Indeed, weird that they mention gold and cultural goods because the last one can mean anything that is made in europe. Antiques, numis coins...

 

coinhead's picture

Yeah you read it... numismatics just became worthless in Europe too becasue teh EU said so RIGHT you goddamn retards?

CPL's picture

No, it's a signal that another country is about to bust hard and fast.  Everytime a country is about to default the BitCoin buzz happens because they don't want anyone to remove their capital from the banks the banks themselves were going to steal it from...with permission of course.

fudge's picture

But is it only one country or is this a sign of a significant event ? Globally we seem closer to slipping over the event horizon than at any time I can recall.

CPL's picture

Like a terminal patient it's always a matter of time and compounding complications, takes a while for something large to die.  The course of events that led to this started in 1956, the entire thing should have collapsed hard in 2007, but governments went full on retard with the printing press at the cost of PM and energy valuations which aren't going to come back once other key pieces of the supply chain shut down overnight.  At a 5000 foot view and given the economic evidence of a couple of things.

- Baltic dry index is...not there...rowboats at this point in time appear to furbish everything in terms of trade action.

- PM's...dropping like a rock, no one is actually delivering anything, the premium is higher than the price of the metal

- Energy...price per barrel is lowest it has been in 30 years.  All those credit facitilies that manage the commodity trade require a price to be at X to cover costs.  Those aren't there either.

- Auto market...since when is a half tonne pick up the price of a country side house on a half acre of land

- Since when is two pounds of medium ground beef the same price as a silver round?

Basic shit to highlight that all sorts of pointers that are symptomatic of other deeper issues happening.  Issues that require the manufacturing of consent to allow the ISIS (Israeli Security Intelligence Services) to play kabuki theatre with a thin media coating of Islam.  (Which leds to other things that's more than likely happened.)  The clue to the situation is the oil price.  It's use has always been a comparative metric that reflects population size because the design and concept of the motor engine doesn't seem to have improved any nor has anything else.  Chart below on oil use and population.

http://www.paulchefurka.ca/World%20Population%20and%20Oil%201900.JPG

Or the 'far out there' idea. 

The entire thing is kabuki and someone that has no clue about the functional and operational requirements of cities, states, planets or economics is running things without a single clue to what they are doing.  Like an alien interpretation of how the latter half of the 20th century worked.  It all just seems rather slapped together and overly dramatic.  The script writing is pretty awful as well.  Going to guess the producer of the show is a complete fucking moron that's never worked a day in their lazy, slobby lives and wouldn't know what a dollar is worth if it was stapled to their forehead.  The joke is on them though, the entire system is designed to implode by the math eventually.  And whomever they are, the will get stuck holding the bag and more than likely fit for a rope necklace as history tends to impress.

Good luck to them.

Kirk2NCC1701's picture

London and NY bankers did not use Bitcoin to finance the rise of Hitler.

holgerdanske's picture

The EU is fucked. How long before prople realize that the only safe thing is gold in a hole in the ground.

They are set to fuck up everything to try and keep themselves in power.

Not a world to bring kids into.

PirateOfBaltimore's picture

I've seriously debated, as a 28 year old, not whether I want to have kids (I do) but whether or not I want to bring them into this world.  

 

The fact that the answer isn't an immediate "Yes!" is pretty disturbing to me.

messymerry's picture

No country for old men either.  Especially old white men...

;-D   

jakesdad's picture

how long until they come after our au & ag for same "reason"?

 

look, I have no interest in committing crime(s)* - terrorist, drug, pron or other but I DAMN sure have an interest in protecting the fruits of my labor from nirp, unprosecuted fraud & $ printing (yes, those are all basically same thing)!  unfortunately I'm not aware of a way to accomplish the later which doesn't facilitate the former so I wouldn't be surprised if goldma..., er, excust me, "the government" doesn't use paris (& any aftershocks like bali & almost certainly more to come) as the rationaile to ban cash as well as ANY anonymously transferrable asset.  remember - when wells, hsbc, etc launders BILLIONS for drug cartels/terrorists they get a parking ticket but when PLEBS try to protect themselves from nirp, outright THEFT, etc well that just won't stand!

 

*up to the point where merely protecting oneself from nirp, fraud, etc becomes a crime in & of itself at which point govt authority ceases to have any legitimacy

TeamDepends's picture

If/when they come for your Au/Ag you pump 'em full of Pb.

rejected's picture

A twofer.... One terrist dead and still get all the booty.

jakesdad's picture

which is another topic unto itself - I suspect there's a lot of people who have no interest in CAUSING the breakdown of govt at any level* but damn sure don't want their ability to be prepared for it impeded...

 

*I certainly don't - believe me, I've done well under status quo but sadly was born w/above average math skills yet below average denial ones...