Interior and justice ministers from the European Union have organized a crisis meeting this Friday to plan an effective crackdown of anonymous payment method and virtual currencies to curb terrorism funding.

In a direct reaction to the recent Paris terror attacks, European Union countries have planned an emergency meeting this Friday in Brussels, Belgium, to convene and collaborate on ideas to implement and strengthen controls over electronic and anonymous payment methods.

A draft conclusion obtained by Reuters notes that EU ministers will urge EU’s executive arm – the European Commission to enforce new measures. An excerpt from the draft read that ministers will propose new 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.

The draft document also added that EU ministers plan to “curb more effectively the illicit trade in cultural goods.”

The proposed meeting is scheduled before a similarly focusing G7 meeting that is scheduled on Monday in Turkey. The private meeting among The Group of Seven industrial countries also plans to strengthen controls over virtual currencies such as bitcoin.bitcoin-225079_1280

Reuters cites German publication Der Spiegel with the G7 scoop, while the German Finance Ministry refused to comment on the Monday meeting, noting that G7 ministerial meetings are private and confidential.

According to the German magazine, G7 nations suspect the Islamic State of using digital currencies to transfer funds secretively. The ministers are expected to discuss the regulation of Fintech firms during the private meeting.

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