Report: EU moves to ban privacy coins
The European Union could be increasing its regulation of the privacy sector.
The Key Takeaways According to reports, the European Union has plans to ban or restrict the use of privacy coins within its jurisdiction.
The potential ban seems to be primarily about money laundering.
As on-chain surveillance becomes more sophisticated, and legislators on both side of the Atlantic become more vigilant, privacy-preserving cryptocurrency is becoming more important.
Share this article The parliament now seems prepared to escalate restrictions against anonymity in crypto.In a draft of the legislative proposal dated November 9, initially reported by CoinDesk, the body said: “Credit institutions, financial institutions and crypto-asset service providers shall be prohibited from keeping…anonymity-enhancing coins.”The draft is believed to have been drafted by Czech officials and has since been shared among its 26 member states. The privacy-busting proposal has not yet been made public. Crypto Briefing spoke to Zcash CEO Josh Swihart earlier this month to get an insider’s view on the opportunities and challenges within the privacy coin industry. Swihart said that public blockchains pose a serious security threat to both individuals and corporations. “If I’m a business that accepts cryptocurrency natively, and not through a third party intermediary, then I can’t afford for my competitors to see all of that [personal] data.” Swihart said that not only information about my business, such as what’s coming in and going out, but also information about customers who might be transacting online or using cryptocurrency with me. I believe there will be a tipping point when there is a flood of demand. Regulators could argue for privacy coins, rather than removing them. This is a lesson that could be applied equally to US regulators. Swihart said that there was “healthy concern” about the direction of regulatory conversations. “I think what OFAC did was a massive overreach.”Disclosure: At the time of writing, the author of this piece owned BTC and ETH.Share this articleThe information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News