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Author Topic: The EU wants transparency on Cryptocurrencies  (Read 439 times)
naidray
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April 24, 2018, 11:30:38 AM
 #101

I think because of that monero cannot be listed on coinbase etc. But rather on decentralized exchanges. It may make them less valuable in the future, I don't think they will be valuable while no central authority sympathises it.
I would not say Monero cannot be listed. The way some of these exchanges that are fiat based works is not just basically to monitor the transactions from wallet to wallet, but the transaction within the exchange. That is where the whole money laundering thing comes in anyway, except for those who may want to go the dark way and preferably not go through exchanges to invest. With that, as long as you are registered on the exchange and you are making fiat-cryptocurrency transactions, all that will end up being monitored.
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April 24, 2018, 11:39:52 AM
 #102

The nain reason of the bitcoins for not being transparent is that, it a set of mere codes, that cant be kept track of
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April 28, 2018, 06:34:31 PM
 #103

They should better have erradicted the possibility if blockchain expansion rather than demanding for an impossible policy
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April 28, 2018, 07:12:48 PM
 #104

Is there a way they could implement kyc on wallets? If the wallets are not based on EU then they will not comply with that regulation.

KYC on exchanges should be because there are lots of movements of money in there. But KYC on wallets os an overkill.

This is true. Considering you could also potentially keep your bitcoin on a piece of paper. There's no way they could effectively implement this. I still think the best way to do it is through exchanges. Besides it's not btc is as liquid as fiat. Or at least at its current state, regulation on exchanges could still work.

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April 28, 2018, 08:41:29 PM
 #105

I can hardly say anything about it as I am totally new to this system
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April 29, 2018, 09:25:49 AM
 #106

In my opinion they can easily achieve it because there is a blockchain explorer that they can use in order to see the things that they wanted to see. Most of the cryptocurrencies are already transparent so what kind of transparency is they want. The government can tell people to have an annual report of their cryptocurrency activities so they can get more transparency.
The thing especially with using an exchange to do transaction is that your name and details are already attached to your accounts and all the wallets you generate are as well. It is not a stage we are not prepared for anyway, as we cannot expect the government to keep quiet on the idea of laundering.

If you start doing something fishy within the exchange, what they are looking for is to be able to tag those activities and question it, which is where the whole idea of regulation kicks in. But multi accounts and few kind of malfunctionings are not new just due to cryptocurrencies. But, government may understand this not in near future unfortunately.

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April 29, 2018, 10:14:07 AM
 #107

Stumbled upon this article today.

http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing

According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:

Quote
The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.

In simple words, they actually want wallet providers to require more information from us, similar to banks.

What are your thoughts on this? Could this ever happen?
Semilar to KYC,they want every individuals in their region that transacting here in crypto will be have transfarency things that good for me,the only problem is,if the government takes advantage to the members,since they have the profile of the users,i guess this must have a full security and safeties for all of us

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April 29, 2018, 10:43:14 AM
 #108

even though it happens I guess that new solutions towards those regulations will be found and created in blockchain so it would not affect the privacy too much if anyone wants to keep it private.

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April 29, 2018, 12:33:52 PM
 #109

Whom among us here don't want a transparent transaction? I know that all of us are here because we saw the transparency in cryptocurrency. EU wants to have a fair system in cryptocurrency because right now, people are using it in illegal activities. I guess it is good if all countries will regulate cryptocurrency instead of banning in order for the scammers to prevent the scamming the people.
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April 29, 2018, 12:35:44 PM
 #110

Stumbled upon this article today.

http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing

According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:

Quote
The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.

In simple words, they actually want wallet providers to require more information from us, similar to banks.

What are your thoughts on this? Could this ever happen?

cryptocurrencies are as transparent as their "licensed" and "burocratic" and "legal" bankster cartells.

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May 01, 2018, 09:23:21 AM
 #111

If thats concretly is the case then people will begin to avoid hardware wallets, when it's obvious that regulation is coming it seems that governments aren't realizing how difficult it will be to go against bitcoin

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May 01, 2018, 02:37:04 PM
 #112

Does that mean that they want even desktop wallets to require you to identify youself before you're allowed to download the software?
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May 01, 2018, 06:04:37 PM
 #113

I think because of that monero cannot be listed on coinbase etc. But rather on decentralized exchanges. It may make them less valuable in the future, I don't think they will be valuable while no central authority sympathises it.
I read the forecast of one of the analysts and he said that due to the introduction of the need to verify the account and confirm their identity to all the owners of purses, such coins as Monero will become popular and this will increase its price. Perhaps he is right, but governments will not stop and will continue to follow the anonymity by introducing new rules, thereby dumping prices for them.

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May 01, 2018, 06:19:52 PM
 #114

Of course, everything goes to personalizing all purse owners and keeping track of all transactions on the network in order to have full control over all users. And this will make it much easier than before, because all transactions and amounts are written to blockchain. Perhaps anonymous cryptocurrencies will become more popular among those who want to remain anonymous as before, but there is a possibility that exchanges will begin to delete them and stop trading them, because there is no way to monitor transactions on the network, and therefore to determine from whom and to whom the coins were sent there is no possibility. This is unlikely to please governments and they will also introduce bans on anonymous cryptocurrency.
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May 01, 2018, 06:34:53 PM
 #115

This is actually a thing now, the image provided shows you that this certain Coinbase Wallet account has a cash limit of both deposit and withdrawals as this account hasn't been verified yet, and the only way of increasing their weekly limit is by verifying your identity to the wallet provider. As far as I know the cash limits was set by Coinbase as per following the guidelines of the central bank, these cash limits are at its maximum where you don't need any identification. And in order to go beyond the limit you will need to verify your account to Coinbase.

As per reading the article, the European Union I think wants to require wallet providers verification of their users' identity to all its users even those who are transacting at low volumes. And I think this is a good solution in fighting criminal activities since smart criminals can send or receive BTC or other cryptocurrencies in tranches in order to avoid detection from the authorities, requiring identification to wallet providers will certainly avoid money laundering and somehow will make terrorist financing hard as suspected members can be monitored. Obviously they will need to control on what wallet providers can be accessible to Europe in order to make this work properly, as none of this matter if different kinds wallets for the same cryptocurrency can be accessible inside Europe.


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May 01, 2018, 06:36:45 PM
 #116

We know that in the last year, EU has released its attitude towards the opening of bitcoin, which is very much related to EU's economy. In the last ten years, EU's economy is rather difficult. They are eager to find an opportunity to drive the economy. Maybe encryption is a good opportunity for EU.
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May 02, 2018, 02:52:55 PM
 #117

Quote
Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.
The centralization of decentralized. The nature that blockchain and cryptocurrencies bring which is anonymity and privacy want to take away from us by governments, they want authority as most as they do to banks. I believe in case it is applied, the decentralized exchanges are the only solutions to protect our privacy and anonymity.

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May 05, 2018, 07:58:55 AM
 #118

I still hope that KYC will be used in good things and I know EU can’t control this market since exchanges are beyond their jurisdiction. Maybe EU wants to regulate cryptocurrency that will benefit them in the long run.

There are so many countries who are taking this concept of the crypto currencies very much seriously and that the government is willing to take some constructive steps to make these crypto coins work for them. All they need is that they are waiting for some time to see the way things work so that they may then have a better idea of the market and that they can manage to make better decision.

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zissmieus
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May 05, 2018, 10:10:47 AM
 #119

There are many continents that Bitcoin has expanded to, but in other developed countries, there are other currencies that consider Bitcoin as a grip because the currency is risky. Many believe that Bitcoin will be detrimental to the market economy as well as the money of investors.

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May 05, 2018, 10:48:57 AM
 #120

Stumbled upon this article today.

http://www.europarl.europa.eu/news/en/headlines/security/20180404STO00913/plenary-vote-stricter-eu-rules-on-money-laundering-and-terrorism-financing

According to the European Parliament, in order to fight money laundering and terrorism financing, they proposed a new legislation to regulate cryptocurrencies. Quoting from the article:

Quote
The new legislation would also require virtual currency exchange platforms and custodian wallet providers to exercise due diligence and end the anonymity associated with such exchanges. “Now we say that platform providers and those who keep bitcoins in their wallet need to know their customers just as banks do. It is quite revolutionary,” explains Sargentini.

In simple words, they actually want wallet providers to require more information from us, similar to banks.

What are your thoughts on this? Could this ever happen?
I think there is nothing wrong with implementing this. Because we are sure that our money came from a clean business. I don't know how technically they'll execute this but surely this will help the security of a country.
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