Re: European Union to ban anonymous crypto and privacy tokens by 2027
The solution to this, as always, is to go back to Bitcoin standard and use Bitcoin as it's supposed to be used, which is, p2p non-custodial and possibly decentralized transactions.
By the way, I think that would be implemented on centralized platforms because anonymous accounts can't be banned on decentralized system that's based on Bitcoin standard. Besides, it's basically unsafe to reveal people real identities and link the identities to their crypto assets on a system that's as transparent as Bitcoin.
This will likely be a typical kyc verifications mainly on centralized custodial wallets, exchanges and platforms . The centralized non-custodial exchanges/wallets would do well if they become decentralized and implement a decentralized kyc and/or auto-checks on transactions/coins to ensure they are clean or in compliance with reasonable standards before getting to recipient addresses. The normal decentralized platforms could also implement this.
In regards to privacy tokens, I think it would be better to prevent them from being used for evil or criminal activities rather than an outright ban. They could be very useful to innocent users in times of tyranny.
By the way, I think that would be implemented on centralized platforms because anonymous accounts can't be banned on decentralized system that's based on Bitcoin standard. Besides, it's basically unsafe to reveal people real identities and link the identities to their crypto assets on a system that's as transparent as Bitcoin.
This will likely be a typical kyc verifications mainly on centralized custodial wallets, exchanges and platforms . The centralized non-custodial exchanges/wallets would do well if they become decentralized and implement a decentralized kyc and/or auto-checks on transactions/coins to ensure they are clean or in compliance with reasonable standards before getting to recipient addresses. The normal decentralized platforms could also implement this.
In regards to privacy tokens, I think it would be better to prevent them from being used for evil or criminal activities rather than an outright ban. They could be very useful to innocent users in times of tyranny.
Exactly. People will be forced to use crypto "the right way". In a good way, extreme regulatory oversight will result in more decentralization for the whole crypto industry. I think privacy coins like Monero and Zcash will only get stronger after they're "banned" from the EU. Too bad for them, because they'll be missing a huge opportunity for profit (through taxation of crypto assets). In this regard, the US "will eat its cake".
I sure hope the next generation of european politicians devise crypto-friendly policies for the benefit of all. Europeans should thread lightly when trading privacy coins in a decentralized manner to avoid getting caught. Otherwise, they could face fines or even imprisonment. Who knows? Maybe the EU will change its mind before 2027. I could only imagine...
