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Author Topic: The EU wants transparency on Cryptocurrencies  (Read 448 times)
justdimin
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May 05, 2018, 10:51:49 AM
 #121

Well, that  is something we are already seeing being implemented anyway as most exchanges now are already beginning to by all means ensure the need to do KYC. Not just EU, almost all the countries want to monitor or take control of cryptocurrencies so that they can have it as per their preferences to make sure binding cryptocurrencies within their law.

However, I do not know if this is going to be running on all platforms yet since all platforms are going to be subjected to the country of legislation in which they are operating, but I believe this would be a step ahead to having some peace in this region and to really curb the idea of money laundering.
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May 05, 2018, 11:52:11 AM
 #122

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

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May 07, 2018, 12:26:31 PM
 #123

I think they were commenting a tighter rules from months.. This will only lead to more and better decentralized exchanges, in my opinion
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May 07, 2018, 12:31:11 PM
 #124

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.
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May 09, 2018, 11:53:05 AM
 #125

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
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May 09, 2018, 12:24:20 PM
 #126

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.



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May 09, 2018, 12:36:46 PM
 #127

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?

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.

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May 09, 2018, 02:46:33 PM
 #128

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.

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May 09, 2018, 04:22:51 PM
 #129

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.

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May 22, 2018, 03:20:14 PM
 #130

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.
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May 22, 2018, 03:23:11 PM
 #131

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.
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