French to boost bitcoin transparency; Finns to broadcast bitcoin data through TV network

French to boost bitcoin transparency; Finns to broadcast bitcoin data through TV network

The French government has moved to limit the anonymity of bitcoin users through rules that require 'distributors' of the virtual currency to verify the identity of account holders.

The new regulation, set out by the country's finance ministry in response to a report by its Tracfin money laundering unit, will come into effect at the end of the year.

The ministry has also changed its tax rules, following in the footsteps of the UK and US by making profits on bitcoin sales subject to capital gains taxes.

Separately, Finnish software house Koodilehto and quasi-national cryptocurrency FIMKrypto have teamed up to broadcast bitcoin transactions through national TV broadcast networks in real time.

A two month pilot will begin in September, enabling Finns to receive real time P2P network data for bitcoin and FIMKrypto transactions through any digital TV and custom software without the need of Internet or mobile network connection.

The partners say that the technology will be portable to other countries, making bitcoin less dependent on the public Internet and more resistant to attacks.

Comments: (1)

A Finextra member
A Finextra member 14 July, 2014, 11:11Be the first to give this comment the thumbs up 0 likes

This is a great move by the French Government, who are obviously taking virtual currencies seriously. Ensuring users and investors can be properly verified  will bring virtual currencies in line with latest measures to protect us all against financial  crime. But even more importantly, it will allow the industry to present itself as a credible alternative to traditional payment methods

Trending Stories