Cryptocurrency price LIVE: Traders prepare to ‘fight back’ as the EU seeks to ban a vital asset.
The European Commission’s BOMBSHELL unofficial draft intends to restrict the provision and usage of anonymous wallets, infuriating crypto traders who have vowed to “fight back” against the measure.
New standards in the battle against money laundering and terrorist financing are proposed in a new Brussels draft. One of the most significant moves is the prohibition of the provision and use of anonymous wallets, which will likely result in a privacy ban on coins like as Monero (XMR) and zCash (ZEC) (ZEC). “The anonymity of crypto assets exposes them to the risk of being abused for illicit purposes,” the proposal adds.
“The prohibition on the provision and ownership of anonymous crypto asset wallets should further restrict the capacity to undertake anonymous crypto asset transactions.”
Ratification is expected “on the twentieth day after publication in the Official Journal of the European Union,” with implementation following three years.
Crypto traders, on the other hand, have reacted angrily to the news, with one commenting on the social news aggregation website Reddit: “Both the EU and the US are planning to make private ‘anonymous wallets’ illegal. Now is the time for CRYPTO holders to act!”
“So the regulatory grip is tightening over the world, and it’s getting increasingly absurd,” the trader concluded.
“As crypto fans, we must band together and put an end to tribalism.
“If governments wish to make anonymous wallets illegal, that implies crypto owners will be obliged to deposit their assets in ‘identifiable’ wallets, which are often only available on exchanges (= the new banks?)
“These are sites where authorities can take a close look at your assets and potentially confiscate or block you for whatever reason they see fit.”
“Being the sole person who has complete control over your own crypto assets was and continues to be the key justification for crypto as the ultimate form of freedom,” the trader stated.
“Exchanges already have KYC/AML standards, which is reasonable, but making consumers to give up their private wallets is absurd!
“I urge everyone to look into their country’s intentions and contact the people in charge of these issues.
“If we don’t take action, regulation will suffocate all of the progress we’ve made thus far in terms of innovation and freedom.”
“Brinkwire Summary News” was written by Brandon Larsen of Utah.