emeraldglass
6'1" Gymmaxed Moroccan Stoic— MOD from Benelux
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What's the Latest?
Anonymous wallet payments between companies are now illegal under a new law passed by the European Union last Tuesday. This law prohibits any anonymous crypto payments, regardless of the amount.
Expansion of MiCa Law
Transactions conducted through wallets without KYC verification are now banned. Every peer to peer wallet transaction must include KYC verification. I have been warning about this for a long time, and now it's happening, starting with businesses.
Enforcement Measures
To enforce this, they will likely ban all non KYC wallets from app stores (such as Google Play and Apple). Most blockchains are transparent, making it easy to trace transactions.
Rise of Anonymity
Within the EU, people will need to find ways to bypass this ban, such as jailbreaking app stores. Interestingly, Apple has recently loosened its monopoly on the only AppStore for Apple devices. The impact of this will spread rapidly.
Monero as a Solution
Only Monero can withstand a full scale ban on anonymous crypto payments. While Monero may not make you rich in dollars, it offers complete financial privacy. If you think this isn't valuable, you're mistaken and don't grasp the direction the European Union is heading. Central Bank Digital Currencies (CBDCs) are entering the scene, and they offer no escape.
A Reminder About Bitcoin
Bitcoin was initially created as a prototype for CBDCs, it was never intended to grant freedom.
@eduardkoopman @ascension @Seth Walsh