The EU wants transparency on Cryptocurrencies

[efxtrader]

KYC is already common in cryptoworld right now but KYC applied on our wallet i think its will become not crypto again. Government want to know our assets and I think the most important thing about anonymity is because cryptocurrency is beyond regulation

[Starscream]

I think they were commenting a tighter rules from months.. This will only lead to more and better decentralized exchanges, in my opinion

[Cryptogodfather]

I think it's quite a reasonable measures in order to prevent terrorism! Maybe they will not prevent terrorism at all, but will be able to reduce its amount.

[Starscream]

I'm sure they'll never emphasize that remiitance world companies like WesternUnion and other banks like HSBC has admitted to laundering money to who knows where and only got off with fines

[joebrook]

I think it's quite a reasonable measures in order to prevent terrorism! Maybe they will not prevent terrorism at all, but will be able to reduce its amount.

From what thI European Union is proposing, we are going to trade the anonymity of bitcoin users so that they don’t completely ban th crypto currency so that they could combat money laundering and terrorism financing , I believe it’s a completely rational thing since it helps fight against crime.

[weblouartisan]

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:

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?

Maybe in the future, wallets will be more secured in terms of transactions, there are a lot of people today who are earning a huge amount of profit and not getting problems without further informations about the wallet holder.

[paynercash]

Transparency in the cryptocurrency market is very difficult, but when governments want to manage crypto, it is inevitable. In order for the crypto market to become transparent and gain the support of everyone, I am confident that countries will have a cryptocurrency management policy that will allow them to grow stronger and stronger.

[mimienamphine]

this could have both positive and negative effects because so many people do not invest in cryptocurrency because they are afraid of lack of transparency.If cryptocurrency can be made transparent in any way then it will help to expand the market.It could also affect the market too with government bureaucracy things can be retarded.

[lastnumber]

The Cryptocurrency market and Bitcoin users still hope that. But the problem is what the EU will do to be able to manage and make Bitcoin transparent. Actually this is very difficult, because the creation of the Blockchain platform made Bitcoin invulnerable. With security and systems like Bitcoin, it is difficult to partner with the EU to make Bitcoin transparent, even though Bitcoin was created for the sake of good.

[lastnumber]

I think it's quite a reasonable measures in order to prevent terrorism! Maybe they will not prevent terrorism at all, but will be able to reduce its amount.

From what thI European Union is proposing, we are going to trade the anonymity of bitcoin users so that they don’t completely ban th crypto currency so that they could combat money laundering and terrorism financing , I believe it’s a completely rational thing since it helps fight against crime.

I think this is hard. By being anonymous in Bitcoin trading, how can the government confirm that the transaction is legitimate, not money laundering or terrorist financing? The government will not be able to manage this problem. Monitoring and management of Bitcoin is a daunting task, because it is the nature of Bitcoin: anonymity and security.