Home News Making payments with anonymous Bitcoin wallets will be illegal in the EU

Making payments with anonymous Bitcoin wallets will be illegal in the EU

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Important facts:
  • “This law deprives innocent citizens of their financial freedom,” the opposition MP said.

  • Despite the ban, regulation will have no way to identify the owners of wallets.

On March 19, the European Parliament, with a majority on key committees, approved new anti-money laundering laws that restrict anonymous payments. This includes both cash in Euros (EUR) and digital ones in Bitcoin (BTC) and cryptocurrencies.

perfect, determines Anonymous cash payments of more than 3,000 euros in commercial transactions and more than 10,000 euros in business transactions will be illegal. Besides, Payments made to wallets in crypto assets will be blocked, regardless of their amount Anonymous,

“This means a war on cash and the gradual erosion of our financial freedom!” Said MP Patrick Breyer in this regard. He was one of two European Parliament commissioners who voted against the laws.

“Banning anonymous payments will have a minimal impact on crime, but will deprive innocent citizens of their financial freedom,” he stressed in a statement. discharge Which he did on his website. “We have the right to make online payments and donations without recording our personal transactions (…). The drugs or sex toys I buy are nobody’s business,” he said.

“When every financial transaction is captured and saved forever, it creates a honey pot for malicious hackers and law enforcement, as well as a sinister government shadow over every purchase or donation.”

Patrick Breyer, member of the Pirate Party in the European Parliament and fighter for digital freedom.

The MP who opposed the laws said that “this type of deprivation of financial rights must be ended.” He warned, “This European Union (EU) war on money will have unpleasant consequences!”

It is impossible to regulate payments between unknown Bitcoin wallets

Breyer recalled that, for thousands of years, societies around the world have lived with cash to protect financial privacy. In fact, the effort to protect identity in holdings and capital movements gave rise fifteen years ago to Bitcoin, the first digital currency that can be self-protected in a wallet that is impossible to seize.

Breyer stressed, “If the EU believes it can regulate virtual currencies at the regional level, it has not understood the global nature of the Internet.” To clarify he explained this It will be easy to avoid the new rulesSince Bitcoins and cryptocurrencies can be sent between two anonymous self-custody wallets.

“Virtual assets can be transferred directly from one person to another without using intermediaries, making them impossible to regulate,” he explained. Therefore, he suggested that the laws are meaningless.

Furthermore, it indicated that, in cases where virtual assets have been traced to criminal activity in the past, prosecution would have been possible without these rules. He specified that this was achieved through investigation of on-chain activities, making it possible to trace identities.

At the moment, the date of entry into force of the law has not yet been defined, although it could be within a period of three years.

As CryptoNoticias shared, The EU move comes a week after Bitcoin hit a new all-time high price At $73,700 (USD).

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