When it rains it pours. The cryptocurrency fall out from FTX may be kin to more ‘bad luck’ on the way in the European Union. A Whistleblower has leaked information to Coindesk about legislators currently seeking to find a way to ban Private cryptocurrencies.
What are Privacy Coins
These tokens are being targeted by EU legislators because it’s made police and other authorities jobs harder. The private coins have become a popular choice amongst Criminals. Illegal enterprises use the anonymous tokens to launder drug sales, hacking schemes, and other illegal activities.
However, not all activities are done with these information-less digital currencies. Regular people who just want to live ‘off the grid’ of Big Brother governance have also flocked to the private coin.
These coins are particularly useful to the ‘free world’ because they completely privatize the information that can connect individuals to a crypto transaction. It also hides the amount sent or received in transactions, & current balance in a crypto-wallet.
These tokens are pure freedom from Centralized banking. Freedom from government tentacles
Monero (XMR), ZCash (ZEC), Oasis Network (ROSE), Keep Network (KEEP), Dash (DASH), Horizon (ZEN), Decred (DCR), and Secret (SCRT) are amongst the list of well-known anonymous tokens. Of the group, Monero is the most used.
EU Government Aims To Stop Transactions They Can’t Trace
All of these will be banned however if the European Union’s legislators have their way. According to Coindesk’s whistleblower the government branch has already drafted an anti-money laundering policy. The suggested new laws call for a ban on banks ability to interact with privacy coins.
The drafted legislative proposal, which was created on the 9th of November reads:
“Credit institutions, financial institutions and crypto-asset service providers shall be prohibited from keeping…anonymity-enhancing coins.”
This draft is said to have been created by officials of the Czech Republic and shared with all EU states. However, no one within the 28 states have approved of it yet.
If this happens, it will be a huge slam to the idea of ‘decentralization’ and the people having control of their finances. As long as people live in fear of being out-smarted for their money versus making smart decisions, the people will instead have to live in fear of corrupt politics and a broken legal system.