EU to ban anonymous crypto accounts and privacy coins by 2027 • Hacker News Board

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#101

Post by harperlee » Mon, May 05, 2025, 1:14 PM UTC

FirmwareBurner wrote: post #11

harperlee wrote: post #9

Earlier quoted context omitted.

[flagged]

What I think is that your argument is in bad faith and breaking HN rules. The governments, being useless and focusing on the wrong things, are banning objectively non-nefarious objects (ninja swords, anonymous coins) that can be use for good by good actors (cutting stuff in the garden, sending money in privacy) but are sometimes used for evil by bad actors (murder, money laundering), like many other things. How can r…

Yeah sorry if you think that! I was just (admittedly, in passing, and through a one-liner), pointing to the fact that I don't think that your argument is really solid. There are already other comments expanding on that so I won't reiterate.

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#102

Post by splix » Mon, May 05, 2025, 1:20 PM UTC

xyzal wrote: post #66

I wonder what benefit to society might having a shadow financial system bring? I can't think of any, except for financing entities operating outside lawful limits.

Or anything that the government don't like. Like donation to an opposition, journalists, etc. That's why authoritarian governments are first to fight the financial privacy / independence.

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#103

Post by rightbyte » Mon, May 05, 2025, 1:30 PM UTC

7bit wrote: post #47

rightbyte wrote: post #14

Earlier quoted context omitted.

In the sense "important privacy laws" does not imply pro-privacy?

No, it means that privacy on cryptocurrency is the major driver of corruptions and tax fraud, and it's important to remove any privacy around these topics. Want to stay private, there always FIAT currency, which protects your privacy (until you reach certain amounts of transactions).

No matter the justifications banning anonymous accounts is not pro-privacy.

Also, Chat control has almost been passed twice by now.

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#104

Post by JoshTriplett » Mon, May 05, 2025, 2:09 PM UTC

tremon wrote: post #69

JoshTriplett wrote: post #16

Earlier quoted context omitted.

The EU's legislation has been decidedly mixed, and not an unalloyed good. Makes me wish there was a functional mechanism by which different jurisdictions could have an overall collaborative framework and experiment with different approaches without eventually deciding to force others to comply. I had some hope of the EU being that, but both the US and the EU have trended towards homogenization. I wonder if, in a hund…

by which different jurisdictions could have an overall collaborative framework and experiment with different approaches Is that like different countries inside the EU implementing their own laws and drawing from that experience to influence the shape of EU laws? Or how neighbouring countries (like DACH, Benelux, Scandinavia or the Iberian peninsula) use regular international cooperation to shape cluster-local policie…

That's very much the hope. I'm observing that the EU seems to be doing a lot more legislating of its own and removing variation in undesirable ways.

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#105

Post by amriksohata » Mon, May 05, 2025, 2:17 PM UTC

US innovates CH replicates EU regulates

On a side note good luck in regulating Crypto that doesn't require KYC when most people transfer to an anonymous wallet using a wallet address.

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#106

Post by BobaFloutist » Mon, May 05, 2025, 3:08 PM UTC

perlgeek wrote: post #40

I wonder what the impact will be on ransomware attacks. It'll probably make it harder for people who aren't in "bullet-proof" countries (i.e. without good cooperation with to receive ransom payment, which sounds like a good thing. It could also cause some decidedly negative effects during the transition, when companies that really want to pay a ransom (because they cannot recover otherwise) are unable to.

)

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#107

Post by 7bit » Mon, May 05, 2025, 3:39 PM UTC

rightbyte wrote: post #103

7bit wrote: post #47

Earlier quoted context omitted.

No, it means that privacy on cryptocurrency is the major driver of corruptions and tax fraud, and it's important to remove any privacy around these topics. Want to stay private, there always FIAT currency, which protects your privacy (until you reach certain amounts of transactions).

No matter the justifications banning anonymous accounts is not pro-privacy. Also, Chat control has almost been passed twice by now.

He said it's an important privacy law. Not that it's a pro-privacy law. Only you said that.

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#108

Post by scoofy » Mon, May 05, 2025, 4:31 PM UTC

neiman wrote: post #46

I'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 doubt banning Monero or Zcash would prevent criminals from tax evasion. They'll find other ways. So, as often happens, "Locks keep honest people honest".

You realize that "locks keep honest people honest" is a reason to have locks, right? The point is that honest people will commit tax fraud if we make it easy for them to do.

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#109

Post by Yizahi » Mon, May 05, 2025, 5:11 PM UTC

xyzal wrote: post #66

I wonder what benefit to society might having a shadow financial system bring? I can't think of any, except for financing entities operating outside lawful limits.

It's obvious - freedom from pesky taxes, declaring your assets and profits, buying banned goods, avoiding sanctions on the dozens of dictatorships and autocracies across the world, allow buying and selling resources and weapons to and from sanctioned countries. The whole package :)

For example the fact that ruzzia ha such a stable budget for 3 years in row is not in a last part due to the token system, where they can trade with Iran, China, and others and launder tokens through UAE/SA/Qatar exchanges etc.

Re: EU to ban anonymous crypto accounts and privacy coins by 2027

#110

Post by etrautmann » Mon, May 05, 2025, 5:45 PM UTC

scoofy wrote: post #108

neiman wrote: post #46

I'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 doubt banning Monero or Zcash would prevent criminals from tax evasion. They'll find other ways. So, as often happens, "Locks keep honest people honest". You realize that "locks keep honest people honest" is a reason to have locks, right? The point is that honest people will commit tax fraud if we make it easy for them to do.

"honest people will commit tax fraud"

wouldn't that make them dishonest by definition?