...on exchanges. They don't ban the coins and their private usages, they ban them on exchanges.
soooo we need blockchain based exchanges now? haha
EU to ban anonymous crypto accounts and privacy coins by 2027
71–80 of 139 posts
Re: EU to ban anonymous crypto accounts and privacy coins by 2027
#72Finally. It's a failed experiment by grifters and suckers. It had it's chance at being useful, time to get it out of public conscience so we can work on actual issues.
[deleted]
Re: EU to ban anonymous crypto accounts and privacy coins by 2027
#73...on exchanges. They don't ban the coins and their private usages, they ban them on exchanges.
Based on all the other comments it seems like nobody else understands this. Funny. People will just (legally) use decentalised exchanges to convert between monero and bitcoin so it won't have much impact
How do you do that on DEX?
Re: EU to ban anonymous crypto accounts and privacy coins by 2027
#74I'm a foreigner living in the EU for many years, here's my 2 cents. For over a year, I was locked out of financial services due to my inability to pass KYC. The reason was that I had already left one country, but was still in the process of getting a residency visa in another. During the process, I'm allowed to live in this country, but I have no ability to prove it to any financial institutions. So, no wonder I'm bi…
> I'm allowed to live in this country, but I have no ability to prove it to any financial institutions. That is very strange, because you should be able to get a temporary residence certificate (whatever it's called in your respective country) and thus get an account with if not all then at least most banks.
I'm in the same position as the GP. Impossible, because EU bureaucracy sometimes yield kafkaesque deadlocks. For example, some EU countries stated that their permits given to ukrainians are to be considered valid past the printed expiration date and thus stopped producing new plastic for them. Now, good luck finding any KYC provider that will accept that. Or any KYC provider that accepts printed Poland's TPS. Or any provider that doesn't chuckle on a set of documents, each of which is from a different country (like me). Etc, etc.
KYC is way, way more complex than it seems. Essentially, complete remote KYC is simply impossible.
Re: EU to ban anonymous crypto accounts and privacy coins by 2027
#75> Under the new Anti-Money Laundering Regulation (AMLR), credit institutions, financial institutions and crypto asset service providers (CASPs) will be prohibited from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies, such as Monero This isn't really an issue, AML exists for a reason, having had experience in countries where corruption was extremely bad, AML combined with solid privacy o…
> People can complain about "I want fully private transactions" - Okay then use cash. I want fully private transactions over the internet, cant use cash with someone a continent away.
> I want fully private transactions over the internet
And you can still do this, the AML is related to the using the Exchanges themselves ?
Re: EU to ban anonymous crypto accounts and privacy coins by 2027
#76Earlier quoted context omitted.
Based on all the other comments it seems like nobody else understands this. Funny. People will just (legally) use decentalised exchanges to convert between monero and bitcoin so it won't have much impact
How do you do that on DEX?
There are several models.
Haveno already works by providing p2p multisignature escrow. With this design, you need to match with an individual and do a direct exchange. There is a Tor-based application
BasicSwap has another model with noncustodial atomic swaps and some sort of decentralised orderbook.
I expect that Serai will be much more effective than those. It will launch soon with a liquidity pool design, similar to Uniswap for Ethereum. With this model, other people can profit by providing liquidity for pools. It will be very easy for anyone to initiate a trade and do an exchange for a different currency from the pool. It will be incorporated into the most popular mobile app Cakewallet, so it should be accessible even for non-technical users and quickly gain adoption. I think this has the potential to provide an even more convenient, generally superior experience compared to centralised exchanges.
Re: EU to ban anonymous crypto accounts and privacy coins by 2027
#77> Under the new Anti-Money Laundering Regulation (AMLR), credit institutions, financial institutions and crypto asset service providers (CASPs) will be prohibited from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies, such as Monero This isn't really an issue, AML exists for a reason, having had experience in countries where corruption was extremely bad, AML combined with solid privacy o…
> People can complain about "I want fully private transactions" - Okay then use cash.
Cash too is becoming more and more restricted over time. Large denominations are removed from circulation, transactions above certain threshold are made illegal, limits are put on cash withdrawals per day and per month.
Realistically the current trajectory of the EU is "less and less private transactions until there are none in a couple of decades".
Re: EU to ban anonymous crypto accounts and privacy coins by 2027
#78Earlier quoted context omitted.
What are the implications of that?
If you stay within the crypto-economy (e.g. buy stuff with coins from places who also only deal with coins) nothing prevents you from doing so.
Right, and laws like this slowly severe the ties between the crypto-economy and the real world.
In the end you'll be able to exchange coins for other coins but by itself it's meaningless.
Re: EU to ban anonymous crypto accounts and privacy coins by 2027
#79Earlier quoted context omitted.
In a way Monero is more a cryptocurrency than Bitcoin. A fast, cheap, global, and private currency; in contrast to the speculative asset that is Bitcoin.
Bitcoin advocates pivoted on Bitcoin being a currency after it, to be brutally honest, failed to function as a currency. Last few times I transacted BTC, the fees were anywhere between $5 and $15 and the transaction times were more than 1hr. Not to mention the whole world can see all of your transactions. So they pivoted the marketing to it being a "store of value".
My last Bitcoin transaction cost me $0.20 and took 30 minutes vs. $30 and 4 days with probing questions for a commensurate value wire .
Re: EU to ban anonymous crypto accounts and privacy coins by 2027
#80> Under the new Anti-Money Laundering Regulation (AMLR), credit institutions, financial institutions and crypto asset service providers (CASPs) will be prohibited from maintaining anonymous accounts or handling privacy-preserving cryptocurrencies, such as Monero This isn't really an issue, AML exists for a reason, having had experience in countries where corruption was extremely bad, AML combined with solid privacy o…
> People can complain about "I want fully private transactions" - Okay then use cash. Cash too is becoming more and more restricted over time. Large denominations are removed from circulation, transactions above certain threshold are made illegal, limits are put on cash withdrawals per day and per month. Realistically the current trajectory of the EU is "less and less private transactions until there are none in a co…
Moreover, cash is subject to both physical seizure and substantial monetary inflation.