According to reports, the European Union is considering a ban on privacy coins like Monero (XMR), Zcash(ZEC), Secret [SCRT], and Dash (DASH). Leaked Document EU legislators work on…
The EU could be increasing its regulation of the privacy sector.
The Key Takeaways According to reports, the European Union has plans to ban or restrict the use of privacy coins within its jurisdiction.
The potential ban seems to be primarily about money laundering.
As on-chain surveillance becomes more sophisticated, and legislators on both side of the Atlantic become more vigilant, privacy-preserving cryptocurrency is becoming more important.
Share this article The parliament now seems prepared to escalate restrictions against anonymity in crypto.In a draft of the legislative proposal dated November 9, initially reported by CoinDesk, the body said: “Credit institutions, financial institutions and crypto-asset service providers shall be prohibited from keeping…anonymity-enhancing coins. The draft was believed to have been created by Czech officials. It has been shared with its 26 members. The privacy-busting proposal has not yet been made official. Swihart explained to us that public blockchains pose a serious security threat for both individuals and corporations. Swihart stated that if a business accepts cryptocurrency natively and not through a third party intermediary, it is impossible for me to afford to allow my competitors to see all of that [personal] data. Swihart said that the information about my business, including what’s coming in and going out, as well as information about customers who may be transacting online or using cryptocurrency, is not just about me. I believe there will be a tipping point when there’ll be a flood in demand. Swihart believes that privacy coins will be more in demand as there are many crypto surveillance companies like Chainalysis that not only track transactions but also tag addresses. It is possible that regulators and more sophisticated on-chain surveillance could drive increased demand for privacy coins. Ironically, regulators might argue for privacy coins instead of killing them off. This is a lesson that regulators in the US might learn. One example is the recent blacklisting of Tornado cash by the US Treasury Department’s Office of Foreign Assets Control. Swihart said that there is “healthy concern about the direction regulatory conversations have been going.” “I believe that OFAC’s actions were a huge overreach. Disclosure: The author of this article owned BTC, ETH, and other cryptocurrency at the time of writing. However, Decentral Media, Inc. does not warrant the timeliness, completeness, accuracy, or reliability of any information accessed through this site. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News