Re: European Union to ban anonymous crypto and privacy tokens by 2027
I'm curious about how they will ban it.
It is mentioned in the article are ZCASH or XMR. How can they know if their people are using some altcoins or even own them? I think this is very challenging to them, especially since these coins are decentralized, not compared to stablecoins like USDC or USDT.
It is mentioned in the article are ZCASH or XMR. How can they know if their people are using some altcoins or even own them? I think this is very challenging to them, especially since these coins are decentralized, not compared to stablecoins like USDC or USDT.
They can only know who is using which crypto if trades are settled through a KYC-compliant centralized exchange. But outside of that, the EU will have a hard time trying to identify privacy coin users. Especially when its comes to a coin such as Monero. Buying/selling on a decentralized exchange, non-KYC P2P trading platform, or even F2F/in-person will render governments' efforts useless. Just avoid converting your privacy coin back into a transparent cryptocurrency (eg: BTC, ETH, stablecoins, etc) and there should be nothing to worry about.
This is actually good for crypto because it encourages decentralization. The inverse would happen if regulations are eased. As far as I know, not many people use crypto in the EU (compared to the US). So nothing will happen after the 2027 ban.
European Union are leading the continent to collapse with many policies against their citizens while they are too opened for immigrants even illegal and violent immigrants. Censorship and attempt to break privacy, free of speech and many other things, I see they are not going to be better but be worse.
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Cryptocurrency is only one part of their societies and they must change strategic approaches to be against or friendly with citizens. If they change to be more friendly and more readily to serve citizens who are true owners of the continent and nations there, cryptocurrency regulations will change to be more friendly for the people. Otherwise, things will get worse and worse.
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Cryptocurrency is only one part of their societies and they must change strategic approaches to be against or friendly with citizens. If they change to be more friendly and more readily to serve citizens who are true owners of the continent and nations there, cryptocurrency regulations will change to be more friendly for the people. Otherwise, things will get worse and worse.
Yes. They've always been "anti-crypto". Probably because they want to push their agenda of a CBDC (Digital Euro). Will europeans allow this to happen? Only time will tell.