Topic: The EU wants transparency on Cryptocurrencies (Read 627 times)

I think this is hard. By being anonymous in Bitcoin trading, how can the government confirm that the transaction is legitimate, not money laundering or terrorist financing? The government will not be able to manage this problem. Monitoring and management of Bitcoin is a daunting task, because it is the nature of Bitcoin: anonymity and security.

The Cryptocurrency market and Bitcoin users still hope that. But the problem is what the EU will do to be able to manage and make Bitcoin transparent. Actually this is very difficult, because the creation of the Blockchain platform made Bitcoin invulnerable. With security and systems like Bitcoin, it is difficult to partner with the EU to make Bitcoin transparent, even though Bitcoin was created for the sake of good.

this could have both positive and negative effects because so many people do not invest in cryptocurrency because they are afraid of lack of transparency.If cryptocurrency can be made transparent in any way then it will help to expand the market.It could also affect the market too with government bureaucracy things can be retarded.

Transparency in the cryptocurrency market is very difficult, but when governments want to manage crypto, it is inevitable. In order for the crypto market to become transparent and gain the support of everyone, I am confident that countries will have a cryptocurrency management policy that will allow them to grow stronger and stronger.

Maybe in the future, wallets will be more secured in terms of transactions, there are a lot of people today who are earning a huge amount of profit and not getting problems without further informations about the wallet holder.

From what thI European Union is proposing, we are going to trade the anonymity of bitcoin users so that they don’t completely ban th crypto currency so that they could combat money laundering and terrorism financing , I believe it’s a completely rational thing since it helps fight against crime.

I'm sure they'll never emphasize that remiitance world companies like WesternUnion and other banks like HSBC has admitted to laundering money to who knows where and only got off with fines

I think it's quite a reasonable measures in order to prevent terrorism! Maybe they will not prevent terrorism at all, but will be able to reduce its amount.

I think they were commenting a tighter rules from months.. This will only lead to more and better decentralized exchanges, in my opinion

KYC is already common in cryptoworld right now but KYC applied on our wallet i think its will become not crypto again. Government want to know our assets and I think the most important thing about anonymity is because cryptocurrency is beyond regulation

Well, that  is something we are already seeing being implemented anyway as most exchanges now are already beginning to by all means ensure the need to do KYC. Not just EU, almost all the countries want to monitor or take control of cryptocurrencies so that they can have it as per their preferences to make sure binding cryptocurrencies within their law.

However, I do not know if this is going to be running on all platforms yet since all platforms are going to be subjected to the country of legislation in which they are operating, but I believe this would be a step ahead to having some peace in this region and to really curb the idea of money laundering.

I think there is nothing wrong with implementing this. Because we are sure that our money came from a clean business. I don't know how technically they'll execute this but surely this will help the security of a country.

There are many continents that Bitcoin has expanded to, but in other developed countries, there are other currencies that consider Bitcoin as a grip because the currency is risky. Many believe that Bitcoin will be detrimental to the market economy as well as the money of investors.

There are so many countries who are taking this concept of the crypto currencies very much seriously and that the government is willing to take some constructive steps to make these crypto coins work for them. All they need is that they are waiting for some time to see the way things work so that they may then have a better idea of the market and that they can manage to make better decision.

The centralization of decentralized. The nature that blockchain and cryptocurrencies bring which is anonymity and privacy want to take away from us by governments, they want authority as most as they do to banks. I believe in case it is applied, the decentralized exchanges are the only solutions to protect our privacy and anonymity.

We know that in the last year, EU has released its attitude towards the opening of bitcoin, which is very much related to EU's economy. In the last ten years, EU's economy is rather difficult. They are eager to find an opportunity to drive the economy. Maybe encryption is a good opportunity for EU.

This is actually a thing now, the image provided shows you that this certain Coinbase Wallet account has a cash limit of both deposit and withdrawals as this account hasn't been verified yet, and the only way of increasing their weekly limit is by verifying your identity to the wallet provider. As far as I know the cash limits was set by Coinbase as per following the guidelines of the central bank, these cash limits are at its maximum where you don't need any identification. And in order to go beyond the limit you will need to verify your account to Coinbase.

As per reading the article, the European Union I think wants to require wallet providers verification of their users' identity to all its users even those who are transacting at low volumes. And I think this is a good solution in fighting criminal activities since smart criminals can send or receive BTC or other cryptocurrencies in tranches in order to avoid detection from the authorities, requiring identification to wallet providers will certainly avoid money laundering and somehow will make terrorist financing hard as suspected members can be monitored. Obviously they will need to control on what wallet providers can be accessible to Europe in order to make this work properly, as none of this matter if different kinds wallets for the same cryptocurrency can be accessible inside Europe.

Of course, everything goes to personalizing all purse owners and keeping track of all transactions on the network in order to have full control over all users. And this will make it much easier than before, because all transactions and amounts are written to blockchain. Perhaps anonymous cryptocurrencies will become more popular among those who want to remain anonymous as before, but there is a possibility that exchanges will begin to delete them and stop trading them, because there is no way to monitor transactions on the network, and therefore to determine from whom and to whom the coins were sent there is no possibility. This is unlikely to please governments and they will also introduce bans on anonymous cryptocurrency.

I read the forecast of one of the analysts and he said that due to the introduction of the need to verify the account and confirm their identity to all the owners of purses, such coins as Monero will become popular and this will increase its price. Perhaps he is right, but governments will not stop and will continue to follow the anonymity by introducing new rules, thereby dumping prices for them.

Does that mean that they want even desktop wallets to require you to identify youself before you're allowed to download the software?