Topic: The EU wants transparency on Cryptocurrencies - page 7. (Read 627 times)
Regulation of cryptocurrencies is indeed an issue faced by the majority of countries governments as they just find it as a threat as cryptocurrencies can be used as a tool to hide loads of black money, save one from paying taxes, utilization of those currencies in illegal activities could increase resulting in an indirect way to the lives of the common people. If some centralization is done to the crypto world then that would help the government to at least keep a track of where exactly is bitcoin actually circulating and allowing them to minimize its usage for any dark activity.
What is then the need of decentralized privacy monetary transactions when privacy is being altered? I don't know if this story is really genuine, but if it is, then it makes no sense to own digital coins anymore. What we need is regulations in cryptocurrency which will help to reduce fraud activities in digital coins (if that is truly their intention). If they can't provide that then its of no use.
This would be difficult to really implement considering the rate at which cryptocurrencies are growing and how big of a market it has already become. Like another user mentioned, hardware wallets exist too, and those can easily change hands many times after the original purchase (regulating the POS/companies that sell hardware wallets [which are essentially encrypted flash drives]).
Stumbled upon this article today.
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
Quote
The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
Thats really interesting article to read. Yes I do believe that this change will be good one for the peoples around the globe. The terrorism acts can not be tacked with it but off course the mega transaction can be traced out with it. There are only few instances when the mega transaction will occur in the first place. The first one could be about the richest guy withdrawing his money, second one could be exchanger transaction itself and the last one could be suspicious activities like those mentioned in the article itself. So if EU successfully implement this thing then there could be chances that it will be helpful for tracing it.
EU is working hard on privacy, blockchain and cryptocurrencies. With regards to this article, I think they want to track activities mostly for tax purposes. Terrorism is just an excuse: terrorists are much more likely to use USD or EUR than crypto
Off course many possibilities could be taken from this one. They might just do both the things together.
EU is working hard on privacy, blockchain and cryptocurrencies. With regards to this article, I think they want to track activities mostly for tax purposes. Terrorism is just an excuse: terrorists are much more likely to use USD or EUR than crypto
It's impossible, it's fighting against windmills. If they control one coin, we can simply create another one - completely anonymous.
As long as they could also handle people's sensitive personal information then I think it will be just fine as it is. Bitcoin doesn't provide that full anonymity in some way. It can still be tracked in the blockchain through TX ID and any shady activities could be tracked by it in any means necessary. The identity of the people inside the transaction that led to these kind of regulations at some countries around the world. There is no more way of cashing it out from remittance or bank establishments without the proper KYC verification, unless that the people inside the transaction are "primarily" using Bitcoin as their currency through their shady operation and it could still bypass these regulations but on the other side, it is still traceable. It is not yet a perfect security for these terrorism financing, but the government is really trying hard not to allow or try to slow these shady operations in succeeding their aims.
Stumbled upon this article today.
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
Quote
The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
Is it really new thing or the old one. I mean isn't our regional wallets are already asking for the KYC documents before we could start the transaction on the same? I mean I know this one is about the exchanger itself but to reach the exchanger we need money from our wallets, and wallets can be tracked with KYC info and thus it becomes completely transparent too.
If exchangers started asking for the more info which would be obvious the KYC's then also it will be the same thing as before only the mega difference would be "we will need to pay taxes on every dime that we are earning online". I mean unlike today where we can earn from bounties, trade online and keep the BTC over there only hides our wealth 100% but after this rule it wont happen. So its kind of bad thing.
I think because of that monero cannot be listed on coinbase etc. But rather on decentralized exchanges. It may make them less valuable in the future, I don't think they will be valuable while no central authority sympathises it.
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This can be very big.
When reading the sentence: “those who keep bitcoins in their wallet” it is not clear to me if that affects to hardware wallets for example. They could ask Trezor and Ledger to know their customers before selling and to hand over their data to the EU. I’ve read the article but can’t find an explanation. Until now we thought that regulation was going to reach exchanges, but we also thought that we would have some freedom using wallets.
When reading the sentence: “those who keep bitcoins in their wallet” it is not clear to me if that affects to hardware wallets for example. They could ask Trezor and Ledger to know their customers before selling and to hand over their data to the EU. I’ve read the article but can’t find an explanation. Until now we thought that regulation was going to reach exchanges, but we also thought that we would have some freedom using wallets.
Stumbled upon this article today.
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing
According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:
Quote
The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.
In simple words, they actually want wallet providers to require more information from us, similar to banks.
What are your thoughts on this? Could this ever happen?
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