EU wants to ban anonymous crypto wallets, for your safety of course

The world of cryptocurrency was meant to usher in a full disconnect from central banks and the BS between you and your money, but the European Union has other plans.

The European Commission, which is the executive branch of the European Union, is reportedly planning to ban anonymous cryptocurrency wallets. The news is coming from Reuters, which reports that the EU's big (brother) push will see service providers requiring a customer's name, address, and their age -- as well as the name of the recipient -- for any and all cryptocurrency transfers.

The EU is of course saying this is for your safety, as it's part of the European Commission's fight against terrorism financing and money laundering. The new law that the EU will push through would make Bitcoin and other cryptocurrency transfers completely traceable.

The Commission said in a statement today: "Today's amendments will ensure full traceability of crypto-asset transfers, such as bitcoin, and will allow for prevention and detection of their possible use for money laundering or terrorism financing".

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The EU added: "These proposals have been designed to find the right balance between addressing these threats and complying with international standards while not creating excessive regulatory burden on the industry. On the contrary, these proposals will help the EU crypto-asset industry develop, as it will benefit from an updated, harmonised legal framework across the EU".