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European Parliament votes to ban anonymous crypto transactions…details here

European Parliament votes to ban anonymous crypto transactions…details here

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Answer European Parliament votes to ban anonymous crypto transactions…details here

After the crypto community breathed a sigh of relief that the European Parliament had not voted to ban Bitcoin mining, voice The European Parliament recently favored a bill banning all anonymous cryptocurrency transfers.

The majority of lawmakers and voters from the Progressive Alliance of Socialists and Democrats, the Left in the European Parliament, the Green Party, and the Renewal Party also supported the campaign.

While the European People’s Party and the Party of Identity and Democracy opposed the project.

The voted amendment carries money transfer regulations, which are intended to prevent payment systems from being used for money laundering, in the cryptocurrency industry.

Since the draft does not specify any minimum transfers for cryptocurrency, this means that all transactions will be subject to identity verification.

Accordingly, crypto companies will be obligated to collect and disclose personally identifiable information about the parties involved in the transaction.

The European Parliament’s plan to clamp down on self-hosted portfolios surfaced last week, prompting widespread criticism within the industry.

Cryptocurrency proponents claim that the move will erode privacy and lead to wider surveillance.

They also insist that the modification will negatively affect those who rely on self-hosted wallets such as Ledger or Trezor.

Some see the prohibition of anonymity in crypto transactions as limiting human rights, which was pointed out by Paolo Arduino, technical director at Tether, where he described the measure by saying:

It is a huge step backwards for human rights.

The project will now enter pilot negotiations with representatives of the European Parliament, the European Commission and the Council of the European Union.

Read:Security companies warn of fraud from a decentralized financing project… Details here

The process will take several months.

According to Patrick Hansen, head of growth and strategy at decentralized finance startup Unstoppable Finance, changes to the draft will still be possible before it becomes law.

Thus, the crypto community can still work to undo the new modifications.

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