Wed, June 19, 2024

Cryptocurrency transaction over €1,000 must now be public?

Cryptocurrency

Any cryptocurrency transaction over €1,000 in the EU must now be public

Recent reports from the European Union confirm a new fact. That any future cryptocurrency transactions over €1,000 in the EU will no longer be able to be anonymous.

On December 7, 2022, the new legislation were revealed and confirmed, with the European Union aiming to combat issues like money laundering and dishonest actors through its Markets in Crypto (MiCA) framework. The goal is for the entire regulatory framework for cryptocurrencies to go into place by 2023, which will entail limiting cryptocurrency purchases over €10,000 ($10,557) in each of the 27 member states of the union.

Countries will be able to lower the cap even further, though. Additionally, there will be stringent regulatory limitations and oversight on any transactions involving digital assets worth more than €1,000. Sounds quite serious, no? Yes, it is, and it includes things like Cryptocurrency and cash transactions within banks. In order to demonstrate that they will not support decentralization without regulation. The governments and the European Union are enforcing the text of the law against their citizens. While some restriction is acceptable, it seems quite draconian to limit the amount of money that people can invest or transact.

What’s next for cryptocurrency?

Would anyone ever think about capping the amount a person can put into the stock market? Although unlikely, cryptocurrency is once more viewed as a danger to the established order and the parties in power. In order to combat criminal activity connected with cryptocurrencies. The majority of EU nations are currently regulating cryptocurrencies in their own methods. The sad reality is that it is being passed off as laws to “assist and protect” residents. While in reality it is just another kind of control. As many people in the Cryptocurrency community on Reddit have noted.

Will there be any restrictions placed on persons in government who choose to transact over €1,000 or make purchases over €10,000? One regulation for the general public and an entirely another one for those in authority seems quite implausible, as with any organization in charge. However, they will try to twist it in whatever way they feel is necessary to them. As I demonstrated in a previous post about the “European Central Bank saying Crypto is Dead,” this is just another way for them to control any movement toward decentralization and freedom from the centralized banking system.

But whenever new laws are made, there are always people who will figure out a way to go around them. The average person has just as much right as anyone else. They can invest as much of their own money as they wish in cryptocurrencies. Despite what the governments may claim about unscrupulous actors and attempts at money laundering.

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