Finance Minister of France proposed to ensure the transparency of all digital transactions

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2018-07-24
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Finance Minister of France proposed to ensure the transparency of all digital transactions

Finance Minister of France Michel Sapin proposed to ensure the transparency of all digital transactions, expressing the hope that this would create a sufficient counterweight to the financing of terrorism.

In particular, Sapen called for creating common rules for all EU member states. In his opinion, this will allow to jointly fight against the financing of terrorism, which, he claims, is implemented through innovative solutions like the digital currency.

“It is not necessary to prohibit technologies that are used for evil. We need to understand what can be done to make transactions transparent. It depends on the quality of information exchange between countries, ” Sapen said.

Earlier EU finance ministers gathered in Brussels to discuss France’s initiative to more effectively monitor and prevent the sponsoring of terrorism in the territory of the European Union. The ministers agreed that cooperation in this struggle is “priority number one”.

The final communiqué recommended the establishment of national centralized registers of bank accounts, which, in particular, the police will be able to access when tracking terrorists. In addition, France called for personal checks on “anonymous” transactions and general tightening of rules for electronic and digital currencies.

“Terrorists can use all these new technologies to send money anywhere,” Sapen said at the time.

According to Sapen, the financing of terrorism, so as not to attract excessive attention, is carried out mainly by transactions in small amounts.

“To avoid attacks, we need to strengthen control over such small transactions,” he said.

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