If governments want to restrict cryptocurrency usages, they will aim at private coins first. They have due diligent to aim at such ones because of money laundering activities are more favorite via private coins.
There are challenges for them to break down private coins and their transactions. I see there are many efforts and some reports that Cipher Trace successfully breaks it down. CipherTrace Files Two Monero Cryptocurrency Tracing Patents. So far, Monero is still here and it has still been listed on may Tier-1 exchanges
In-dark money laundering will use such coins first so let's see what's next for private coins.
Topic: The EU May Vote to Ban Anonymous Crypto Payments - page 2. (Read 516 times)
For what reason Europe Union have taken the decision is an agreeable one. The world has tried all ways to stop the war, but Russia is strong in its decision and finds alternate ways to overcome the sanctions. This voting will restrict Russians as well as affect the European Union countries. Already few countries like Singapore, Japan, have set their limits and this isn't out of voting, but sticking to the rules and regulations framed by the government.
Canada have got the same limitations of requiring recipient details when the amount is above $800. I find this as a beginning point to have track of the cryptocurrency transactions, as the money inflow is quite high and governments doesn't have a proper frame work to tax.
Taking measures on the usage of centralized exchanges is fine, because majority of the CEX support trading and other activities only after fulfilment of KYC. This affecting the non-custodial wallet transactions is the negative thing that should not happen.
Canada have got the same limitations of requiring recipient details when the amount is above $800. I find this as a beginning point to have track of the cryptocurrency transactions, as the money inflow is quite high and governments doesn't have a proper frame work to tax.
Taking measures on the usage of centralized exchanges is fine, because majority of the CEX support trading and other activities only after fulfilment of KYC. This affecting the non-custodial wallet transactions is the negative thing that should not happen.
If this news sounds familiar, you haven't dreamed it. Last year there was already a similar news, which fortunately came to nothing:
EU wants to ban crypto anonymous transactions and wallets.
In fact, if you google: "eu to ban anonymous crypto wallets", the first thing you get is news from last year:
No, the European Union Is Not ‘Banning Anonymous Crypto Wallets’
I had to set my search preferences to the last week to get the current news:
EU Legislators May Vote to Ban Anonymous Crypto Payments
"According to new reports, EU legislators could block transfers to flagged jurisdictions and enforce ID check on all crypto transactions.
Urged on by Russia’s increased focus on crypto to evade financial restrictions, lawmakers worldwide are reviewing regulations with renewed intensity. The European Union has not fallen behind in this global movement. The possible success of the upcoming vote will translate into a lot of changes for EU crypto users.
Additionally, the vote could also restrict transactions to non-custodial wallets.
...the proposed measures are likely to apply regardless of the quantity of crypto being transacted.
The present regulatory framework only enforces this for transactions scaling $1,099. However, the Union’s governments have supposedly sighted a loophole. To evade the prescribed limit, crypto users could divide the funds and conduct smaller transactions. The term for this is “smurfing.”."
I think that, although I understand that people will be able to bypass this ban using Tor and vpn, this can do a lot of damage to Bitcoin, because for starters, companies that sell Bitcoin in the EU (for example Bitrefill), will not be able to accept payments without identifying who pays (KYC).
Let's hope it is not approved, at least in these terms.
EU wants to ban crypto anonymous transactions and wallets.
In fact, if you google: "eu to ban anonymous crypto wallets", the first thing you get is news from last year:
No, the European Union Is Not ‘Banning Anonymous Crypto Wallets’
I had to set my search preferences to the last week to get the current news:
EU Legislators May Vote to Ban Anonymous Crypto Payments
"According to new reports, EU legislators could block transfers to flagged jurisdictions and enforce ID check on all crypto transactions.
Urged on by Russia’s increased focus on crypto to evade financial restrictions, lawmakers worldwide are reviewing regulations with renewed intensity. The European Union has not fallen behind in this global movement. The possible success of the upcoming vote will translate into a lot of changes for EU crypto users.
Additionally, the vote could also restrict transactions to non-custodial wallets.
...the proposed measures are likely to apply regardless of the quantity of crypto being transacted.
The present regulatory framework only enforces this for transactions scaling $1,099. However, the Union’s governments have supposedly sighted a loophole. To evade the prescribed limit, crypto users could divide the funds and conduct smaller transactions. The term for this is “smurfing.”."
I think that, although I understand that people will be able to bypass this ban using Tor and vpn, this can do a lot of damage to Bitcoin, because for starters, companies that sell Bitcoin in the EU (for example Bitrefill), will not be able to accept payments without identifying who pays (KYC).
Let's hope it is not approved, at least in these terms.
Jump to: