European Union to ban anonymous crypto and privacy tokens by 2027

[Oshosondy]

The funniest thing is that fraud will still continue to exist but they are making moves that will make people have no privacy and this will indirectly be connected to lack of freedom later just like this one.

This is not just about the ban on privacy coin like monero but mostly about banning anonymous accounts. They just want to know everyone having cryptocurrencies and the amount of coins or tokens that they have. They want to know when you send coins and when you receive coins. They just want to know all your moves pertaining cryptocurrencies.

This is the news: https://cointelegraph.com/news/eu-crypto-ban-anonymous-privacy-tokens-2027

They want to ban anonymous accounts and privacy coins by 2027.

[Satofan44]

The European Union continues its march towards becoming a communist totalitarian nightmare. This absolutely does not solve anything, if at all it makes even a tiny dent is questionable. Yet it comes at a huge expense to the average citizen.

At some point I would not be surprised if a reward system is offered whereby you can report your friends and neighbours for their financial violations relating to lack of reporting and full transparency. 

[asriloni]

As far as i know eu only wants to ban anon crypto on exchange sites and wallet providers. They don't intend to ban private individual from owning or using anon crypto. I think the impact wont be as bad as people think.

As long as private individual won't be affected. Anon crypto will still exist. The only problem is that there will be a limitation in doing tx using anon crypto, and can't also freely trading anon crypto on EU.

Pretty interesting how anon crypto will survive when they get more pressures from bureaucrats.

[Die_empty]

The EU government has rolled out it's strict measures to fight privacy and freedom. Of course I support reasonable means adopted by the government to curb financial crimes but this shouldn't trample on individual rights to privacy and freedom. There is need for the government to consult with key players in the industry before such policies are made.

Banning anonymous payments will affect law abiding who are using these privacy coins for genuine purposes. Some people usually buy items privately or want to make an anonymous donation.

People living in the EU would have to start devising means of bypassing these restrictions. Some businesses and individuals might consider leaving that jurisdiction.

[satscraper]

The funniest thing is that fraud will still continue to exist but they are making moves that will make people have no privacy and this will indirectly be connected to lack of freedom later just like this one.

This is not just about the ban on privacy coin like monero but mostly about banning anonymous accounts. They just want to know everyone having cryptocurrencies and the amount of coins or tokens that they have. They want to know when you send coins and when you receive coins. They just want to know all your moves pertaining cryptocurrencies.

This is the news: https://cointelegraph.com/news/eu-crypto-ban-anonymous-privacy-tokens-2027

They want to ban anonymous accounts and privacy coins by 2027.

They won’t be able to touch anonymous accounts on p2p networks like Bisq or Bisq2, so any bans they impose are to no avail. In my view, those who value true freedom will pull the plug on such kind regulations and shift exclusively to p2p platforms for sending/receiving crypto. So, keep calm and don’t panic, just learn how to use Bisq, Bisq2 ^{or similar platforms} to fuck off their ban.

[cabron]

There was an article months ago about a lawmaker proposing wallets to collect data from its users which would mean even if you have a wallet that has not made a single transaction, you may still have to send KYC documents to the wallet developers. Privacy is just hard to achieve. If they are able to prevent users from using wallet, they might do it if MiCA says so.

It won't be long I think US will also be doing this to their citizens as well despite posing itself as cryptohub. Regulation could go to its full by mandating exchanges to report data to the government agencies like IRS.

[BlackBoss_]

The funniest thing is that fraud will still continue to exist but they are making moves that will make people have no privacy and this will indirectly be connected to lack of freedom later just like this one.

This is not just about the ban on privacy coin like monero but mostly about banning anonymous accounts.

They want to ban anonymous accounts and privacy coins by 2027.

They started KYC/ AML if I am not wrong.
They led the trend of regulatory attacks against stable coins.
Not only EU but the USA (IRS) intended to shut down Monero in many years, cooperarted with Chainalysis to break down Monero but failed so far.
https://www.forbes.com/sites/kellyphillipserb/2020/09/14/irs-will-pay-up-to-625000-if-you-can-crack-monero-other-privacy-coins/

Let me share an old news in 2022.
EU Moving to Ban Privacy Coins: Report. Even I believe that they will level it up with time and come with something more severe in future but for now it is a like a recooked news for fud.

[coupable]

This is not just about the ban on privacy coin like monero but mostly about banning anonymous accounts. They just want to know everyone having cryptocurrencies and the amount of coins or tokens that they have. They want to know when you send coins and when you receive coins. They just want to know all your moves pertaining cryptocurrencies.

They want to ban anonymous accounts and privacy coins by 2027.

Honestly, I don't understand how the European Union or any other institution could ban certain applications or cryptocurrencies. I say this given the decentralized design of these applications, thanks to the blockchain. They may be able to ban certain applications for non-compliance or force platforms to delist privacy coins, but that doesn't mean they've succeeded in limiting privacy on the network as they might imagine. Any European citizen can buy Monero, for example, from peer-to-peer platforms or even through social media, and with a little caution, they can evade these laws that restrict their freedom. These policies can only succeed if the authorities succeed in spying on all the devices of the entire population.

[BIT-BENDER]

As far as i know eu only wants to ban anon crypto on exchange sites and wallet providers. They don't intend to ban private individual from owning or using anon crypto. I think the impact wont be as bad as people think.

Humour me pls. If they want to ban anonymous crypto on exchange sites and wallet providers but aren't banning crypto-currency enthusiasts from owning anonymous crypto then where would this crypto-currency enthusiasts keep the anonymous crypto they own.
If you can't save you anonymous crypto on an exchange (by the way I don't recommend saving coins on an exchange) and you can't save them in a private wallet then what other alternatives do you really have left?

[Aanuoluwatofunmi]

They want to ban anonymous accounts and privacy coins by 2027.

I don't want to know what they are up to for saying this, but am rest assured this stance might have changed before the said year, because people are getting to adopt the use of bitcoin the more and more policies are being put in place for the suitability of its existence, who knows maybe before then, they might also be among the top supporters for privacy coins, because i have learnt this over time, most people tend to fight against whatever they don't like or accept.

[Z-tight]

I understand that they can ban privacy coins in centralized services, however, they cannot ban anonymous accounts in true no-kyc services, and is there anything like anonymous accounts in centralized or custodial services to begin with.

The EU's attack on crypto through regulation doesn't look like stopping, and i believe services licensed under MiCA have to comply with this immediately. It is obvious that their regulations will mostly only affect centralized CASP's, so if you use no-kyc services, you'll not be subject to it.

[sokani]

In Australia, Japan and South Korea, exchanges already do not support privacy coins, so I'm not surprised by the action of EU. With the way EU is tightening its grips on crypto, if they could make holding privacy coins in personal wallets illegal, I believe they would. They just want to make sure privacy coins go on extinction and even if they could achieve this, it won't make much difference because people will keep coming up with tools like tornado cash to make the supported ones untraceable.

[moneystery]

it's no surprise that they're starting to restrict people from owning privacy tokens, because they don't want anyone to be able to own crypto without them knowing how much it is, who owns it, and where it's being traded... at this point they just want all crypto holders to be able to have their activities monitored for 'anti-money laundering' reasons. what they're doing is an invasion of privacy and freedom for crypto users.. and i think more governments will do the same thing.

[justdimin]

The funniest thing is that fraud will still continue to exist but they are making moves that will make people have no privacy and this will indirectly be connected to lack of freedom later just like this one.

This is not just about the ban on privacy coin like monero but mostly about banning anonymous accounts. They just want to know everyone having cryptocurrencies and the amount of coins or tokens that they have. They want to know when you send coins and when you receive coins. They just want to know all your moves pertaining cryptocurrencies.

Just because people were able to use cash, fiat to do illegal stuff, doesn't mean that we need to make it easier for them. Sure monero being banned or anything similar to monero, basically all privacy ones, being banned, doesn't mean that we are going to see them being easy.

We are seeing it make things easier for the criminals, and that is why it will be banned. Don't get me wrong, fiat, dollar, gold, bitcoin, anything could be used and being used, we are just talking about making it not so easier for them. In all those cases you can follow the trail, but when it is monero, then it is nearly impossible to follow and that is why they are getting banned. We need to make sure none of those happened, and you should be glad that we are getting rid of these.

[Antotena]

They want to ban anonymous accounts and privacy coins by 2027.

I don't want to know what they are up to for saying this, but am rest assured this stance might have changed before the said year, because people are getting to adopt the use of bitcoin the more and more policies are being put in place for the suitability of its existence, who knows maybe before then, they might also be among the top supporters for privacy coins, because i have learnt this over time, most people tend to fight against whatever they don't like or accept.

As far as my understanding and of Bitcoin is concern, it's not a privacy coin or anonymous coins, Bitcoin is Pseudonym by design and you can't do things and hide on Bitcoin that's why people like it, not some kind of coin one can do evil things and be thinking you can kids in it, they will track you down to any exchange or OTC you launder the money and you are going to be investigated on the crime committed but you can't with privacy coins.

Bitcoin is pure unless when mix and that doesn't mean you are totally safe from been trace. This is why bad actors use privacy coins to do all their things and they are not traceable which is why some government are concerned about how difficult it's for them to do their job. I wish there is a way they can sort all this because privacy is important for everyone and not everyone using primacy coins are criminals, they just love to do their things that way.

[Saint-loup]

Well this article of Cointelegraph and its title seem to mostly be a clickbait actually. Because those claims come from the interpretation of some regulatory texts by European Crypto Initiative (EUCI), written in a book, so it's not an official statement from european legal institutions as I understand fortunately.
Besides that, it doesn't seem to concern individuals, only platforms actually.

[tread93]

The funniest thing is that fraud will still continue to exist but they are making moves that will make people have no privacy and this will indirectly be connected to lack of freedom later just like this one.

This is not just about the ban on privacy coin like monero but mostly about banning anonymous accounts. They just want to know everyone having cryptocurrencies and the amount of coins or tokens that they have. They want to know when you send coins and when you receive coins. They just want to know all your moves pertaining cryptocurrencies.

This is the news: https://cointelegraph.com/news/eu-crypto-ban-anonymous-privacy-tokens-2027

They want to ban anonymous accounts and privacy coins by 2027.

Wow, this is overkill. I feel bad for all the folks in the EU. Its like someone's breathing down their neck on this and taking "big brother" to a whole new level. Its all about control and they want to have it all. Its too bad that financial privacy isn't just a basic freedom anywhere you are in the world, thats how it should be. Precioius metals are certainly the last true safe haven over there then, eh?

[EFS]

I don't see this as very bad news. After all, using DEXs is free, you can open and use crypto wallets as you wish, using Bitcoin and major altcoins for transactions is still allowed. If you're using a CEX, they need to know who you are. That's a standard procedure that should be in place. Illegal activities involving crypto currencies have increased so much that they've become the first choice for criminal organizations. An average person doesn't need to worry about these issues.

[Orpichukwu]

This is beyond trying to protect and reduce financial crimes, but I see this as trying to cube everyone in their control just like they have always wanted. They accuse crypto of being the best tool for money laundering and all illicit activities, but all this has been going on even before crypto came to power. All they just want to do is control, nothing more than that.

[sausalitox]

The funniest thing is that fraud will still continue to exist but they are making moves that will make people have no privacy and this will indirectly be connected to lack of freedom later just like this one.

This is not just about the ban on privacy coin like monero but mostly about banning anonymous accounts. They just want to know everyone having cryptocurrencies and the amount of coins or tokens that they have. They want to know when you send coins and when you receive coins. They just want to know all your moves pertaining cryptocurrencies.

This is the news: https://cointelegraph.com/news/eu-crypto-ban-anonymous-privacy-tokens-2027

They want to ban anonymous accounts and privacy coins by 2027.

A move like that might cause an exponential increase in purchases of anonymity coins such as Monero (XMR) or Zcash (ZEC) due to banning the trades with them, to allegedly accomplish the extinction of criminality.

And, as consequence of that, the prices will skyrocket. Therefore, having some XMR or ZEC might be an interesting way not only to fight the inflation, but to appreciate value. On the flip side, those coins can be artificially regulated by some institutions that may have acquired, for instance, tons of XMR in order to exert a strict manipulation and generate confusion between the assiduous users.

Government total control is one of the least feared issues today and few people notice how much governments have cut our liberties, which were gained with the struggle of our ancestors. Therefore, we must take profit of every opportunity and try to be two steps forward from total control and governamental persecution.