A confusing decision, I thought the EU was a friendly environment for crypto when they already had the MiCA law. I understand that the EU wants to track the flow of money in crypto to detect money laundering, but this law is not good for crypto because it almost goes against the core values related to decentralization and the need for self-custody of assets in the crypto market.
The EU is still friendly to crypto, they just treat crypto as money! See how simple this is, we have had limits on spending cash for years, even decades, and nobody here knew or didn't care about it, now that crypto payments are legal, what a surprise, they must follow the same rule as fiat! Pickachu face!
I mean common people, what government in what world would allow unrestricted anonymous payments with no limits? Let's be real here!
The one alt that I've been a big fan of is Monero, but I knew that it would have very limited upside price wise as governments would eventually shut down the allowance of exchanges to to transact it (buy/sell), and that's exactly whats happening..
I got this from a monero sub on reddit, obviously downvoted into oblivion but the guy was right:
How to use Monero? Use it as money?
Google: nope, cards only.
ProtonMail: sorry, USD and CHF only, maaaaybe we accept BTC?
My landlord: nope, not interested, cash only, or wire your rent to my bank account.
Furry porn artist I want to commission some art with: no, PayPal only.
Pornhub: no, Tether and Verge only.
Onlyfans: sorry, no, only PayPal and cards.
Bodega store where I get some groceries: no, cash or cards only. We can't legally accept crypto payments.
My lawyer: no, where would I spend it anyway?
Companies and shops I work with: no, are you fucking serious? We can't legally accept or send crypto payments directly, and our payment processor fee is like 6%. Fiat please.
Some software company I want to buy a program from: credit cards or PayPal only.
A friend who owes me some money: no dude fuck that, I have enough problems already, why do I need to learn this too? And how would I buy these token things?
My prettier half: why would I need this Monero thing, rattie? You manage our family finances, you figure it out.
Once you take a pace out of the crypto world you realize the fiat only one is like 1 million times larger, and the main difference is that most of our activities are there, not here!
Privacy coins have nowhere to go, they help keep your funds and identity private but that whole thing doesn't mean a thing when your partner in trade doesn't want that!
We've seen this before. Bitcoin is having a bull run and the regulators and governments start creating FUD via proposals for mindless crypto regulation.
The proposal was public and voted and amended since 2021:
https://eur-lex.europa.eu/resource.html?uri=cellar:0a4db7d6-eace-11eb-93a8-01aa75ed71a1.0001.02/DOC_1&format=PDF