The EU wants transparency on Cryptocurrencies

[yugyug]

Now the government wants transparency about cryptocurrency and i think the main purpose for that is that they some piece of it. Cryptocurrency is now in the mainsteam and it is a hot item and it is the new money making machines. The central authority wants to look after where your money goes and then collect taxes. For what Satoshi envision bitcoin for anonymity and decentraized was only just a dream today as long as the authority blend in, Satoshi's dream can't be achieve in the future.

[btc-facebook]

They want transparency means that they want to make centralized currency so what's the different between ordinary fiat
As I know, people love bitcoin because of it's decentralized so it's become bitcoin nature and should not be disturb in order to maintain their popularity.
Everybody want to find the win win solution for cryptocurrency !

[rxplcgna]

EU's economy is so bad in recent years that they are hoping to find an opportunity to make their weak economy new, and perhaps they are now taking advantage of the opportunity to use digital money.

[solidrock]

I am not suprised

[stompix]

EU's economy is so bad in recent years that they are hoping to find an opportunity to make their weak economy new, and perhaps they are now taking advantage of the opportunity to use digital money.

Hmm, pretty interesting post.... , I Taw a post like Tat  

The EU's idea of digital money purse is hard to really carry out. But we can understand this news. Now the European Union countries are paying more and more attention to digital currency. As we all know, the European Union's economy has been very bad in the past ten years. They may be eager to find new economic engines by using bitcoin as a breakthrough.

The European Economy is growing continuously and has done so for years with the exception of Greece none has experienced a GDP decline in the last 3 years.
That combined with the fact that in in 2013 the only ones posting a decline were Cyprus and Finland.

If the whole 14 trillion annual economy of the EU would be sinking cryptos would not save it.
Actually I think that the effect would pretty much be the opposite as the citizens in the EU are one of the biggest investors in crypto, if not the biggest.

[piratcoin]

BITCOIN and different cryptocurrencies, such as Ethereum could be directed intently by the European Association with an end goal to give financial specialists less obscurity. Bitcoin cost has kept on diving following feelings of dread from financial specialists of an exchanging clampdown by organizations internationally.

[Lexurdania]

Its really bad how they push it on our own wallet. I think its hard to happen because as we know that bitcoin is open source and its decentralized. If that regulation on exchanges its still ok but if that happen on our own wallet, i am believe that because of banks lobby

Cryptocurrency is enemy banks or central banks. I am believe they will do anything to stop or slowing down crypto growing because cryptocurrency can disrupting banks bussiness. Imagine if we make transaction with others peoples in other country via internet, and we paying with crypto like bitcoin, we dont need intermediaries like banks and bitcoin offering fast and instand transfer.
I am believe and hope not happen, tha what happen Euro will not happen in others country

[Sadlife]

EU is an hypocrite organization. They want to regulate cryoto currency because it can be used for terrorism and money laundering ? why. ? Does they're fiat currency does not do the same ? in fact their currency is most widely use in such illegal activity.
This is only an excuse to regulate and control crypto users.

[entrepmind23]

Although I am happy that we at least have some freedom with all the control from the government, I agree to them on some points regarding the protection against terrorism and money laundering. Illegal transactions like this are favorable with cryptocurrencies due to anonymity but then I believe there are more people who are using it in legal way rather than the opposite and the perception against cryptocurrencies being only used in illegal means are dwindling down. If we have this regulation then it is a protection for us against those who abuse such freedom but we are losing our own freedom as well and the government may come up with plan again to take total control on us by being transparent about it.

[keycellko]

EU is working hard on privacy, blockchain and cryptocurrencies. With regards to this article, I think they want to track activities mostly for tax purposes. Terrorism is just an excuse: terrorists are much more likely to use USD or EUR than crypto

Well i think all governments are using terrorism and money laundering as an excuse. They all want to tax crypto. They all want to control crypto because they know many people are into it and they'll probably get more money in taxing crypto than taxing small business. Thats why there are many regulations coming out from different countries.

[gambitcoin53]

EU is working hard on privacy, blockchain and cryptocurrencies. With regards to this article, I think they want to track activities mostly for tax purposes. Terrorism is just an excuse: terrorists are much more likely to use USD or EUR than crypto

agree, most governments are eyeing on bitcoin as milking cow, and not just to get rid of illegal activities that uses bitcoin transaction, they tend to regulate it by tracing the user's wallet, though they cannot trace them in blockchains, so they are now focusing on exchange wallets, which is more less anonymous. just imagine how much tax revenues they can milk to millions of users worldwide.

[Commie]

I can't really see how they can make this happen. Crypto doesn't belong to any country/jurisdiction, so they just can't oblige developers to implement it. And with growth of DEX's it will eventually be the same picture.

[scorpionso]

this demand is not fits with nature of cryptocurriencies. everybody forget why bitcoin and blockchain idea had discovered.

[mostcrack]

This is a two edged sword.

For one, any governmental control goes against the fundamental philosophy of bitcoin.

But on the other hand, this shows that politicians start taking cryptocurrencies seriously.

On the whole though, I think this is a good development. It requires some give and take, but if it's done properly, it will give users some protection similar to that found in regulated markets, while not giving up too much of the privacy and anonymity afforded by crypto currencies. Furthermore, such an at least "weakly" regulated market is essential for broad adoption by mainstream businesses, which in turn is essential for cryptocurrencies to reach the next growth segment.

At the beginning of your post to say correctly. It is contrary to all what was created by bitcoin. To allow the legalization of cryptocurrencies is a betrayal. I think you're wrong. Any regulation of the cryptocurrency from the state will lead to a decline in demand. Moreover, it can kill bitcoin. We can't let that happen.

Yes, of course I am also very worried about my friends, where there will be regulations that are not beneficial to us but it will be a little disadvantage that will be a lot of very annoying regulations, especially on big enough taxes and many related affairs in the input into the affairs political. or the interests of the government, I think it will make all the chaos and people will leave crypto because the disgust does not meet the expected society.

[RamonBTC]

Lol. Hypocrisy indeed. We’re against terrorism, but we’re not against American bombing. We’re humanitarian advocates, but we don’t accept refugees. We love children, but most child abuses are from Europeans.

It is more of political thing what I’m talking about, but I’m just stating that anonymity is not even the cause of all this money laundering and funding of terrorism. Ask Soros he knows how to do it without hiding.

This is insanely against the standard of freedom, it’s prone to corruption by which our identity can be used for reason like kidnap for ransom, I know you have billions of bitcoin EU parliamentary leak/exposed it.

[Roukawa]

Lol. Hypocrisy indeed. We’re against terrorism, but we’re not against American bombing. We’re humanitarian advocates, but we don’t accept refugees. We love children, but most child abuses are from Europeans.

It is more of political thing what I’m talking about, but I’m just stating that anonymity is not even the cause of all this money laundering and funding of terrorism. Ask Soros he knows how to do it without hiding.

This is insanely against the standard of freedom, it’s prone to corruption by which our identity can be used for reason like kidnap for ransom, I know you have billions of bitcoin EU parliamentary leak/exposed it.

Decentralization will null if the government will maneuver the cryptocurrency. At some point, they are correct because anti-money laundering and tax evasion can track by the government and terrorism may prevent specially, now that crypto is used in criminalities. But I think the new regulation of the government is not newly in our eyes, KYC and tax. The old times that we are happy in cryptocurrency will change by our disappointment due to the care of central authority.

[paulaitwesley]

There have been many terrorist activities in Europe in recent years.

The anonymous trading of digital cryptographic currencies could facilitate terrorists.

The ban on anonymous transactions has helped to combat crime and terrorism.

[RamonBTC]

There have been many terrorist activities in Europe in recent years.

The anonymous trading of digital cryptographic currencies could facilitate terrorists.

The ban on anonymous transactions has helped to combat crime and terrorism.

You really believe on that? Look at the war zone, power house countries are financing rebels or government to kill each other. In legal ways with millions of dollars, ask Uncle Sam about that. This manipulation from mainstream media is making me nuts, lies are just norms at this days as we ourselves being blinded by it.

ISIS or other terrorist groups have been bombing around the world for decades, even when bitcoin and cryptocurrency is not in existence. The government and business tycoons is funding them legally by means of donations, so don’t be just a slave of their narrative.

[darewaller]

This can be very big.

When reading the sentence: “those who keep bitcoins in their wallet” it is not clear to me if that affects to hardware wallets for example. They could ask Trezor and Ledger to know their customers before selling and to hand over their data to the EU. I’ve read the article but can’t find an explanation. Until now we thought that regulation was going to reach exchanges, but we also thought that we would have some freedom using wallets.

The wallet they must be talking about here is the centralized wallet since that is the only category of wallet that they can issue their regulation on and this at the end of the day with exchanges being the main target. So, whoever may be planning to buy bitcoin via exchanges with fiat must have to go through KYC process as with this, anyone that is bringing in unaccounted funds would have to explain where that came from. It is not something we can hide away from, as it is expected that somehow this would end up happening anyway.

[Bitcoinjheta]

Well, there is no problem if EU wants transparency on cryptocurrencies unless they are the one who initiate or conduct and investigation together with there own tools to catch criminals if they think cryptocurrency are being used by funding criminals.