Re: European Union to ban anonymous crypto and privacy tokens by 2027
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.
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.
I don't see it the way you do. What good will it do to have a privacy coin in the EU? Unless you want to buy stuff on the Deep Web, it's not going to do you any good. I will be able to buy it in a DEX, but I won't be able to spend it directly and if I want to sell it, everything will be problems. If I buy and sell a lot through DEX I will have a series of transactions to my bank account that I may be asked to justify and I will not be able to justify. Meeting in person has its dangers.
I don't see why I would want to buy a privacy coin then. To make it so private that I can't even spend it?