The European Union wants to control the crypto

The European Union introduces a new control system for cryptocurrency users. After negotiations, the European Parliament has proposed drastic changes to legislation relating to the control of cryptocurrency assets. Authorities are concerned about the anonymity of cryptocurrencies.

We used to think that using crypto, we stay anonymous… In fact, by creating Bitcoin, Satoshi Nakamoto made anonymity and transparency its basic parameters. You can almost online see all the cryptocurrency transactions in the world, but do not know who conducts them. By staying inside the Bitcoin blockchain, you cannot identify the recipient and sender of a particular transaction.

It should be noted here that the intelligence services have tools to control cryptocurrency transactions, but they are not related to the cracking of the blockchain. They simply manage to get into your computer.

In our reality, bank secrecy no longer exists. Of course, the authorities don’t like the anonymity of the crypto. Their policy is the total control of each individual. They want to know what you do, what you think, how you spend your money. The very notion of freedom in their understanding refers only to them, for everyone else there are a set of laws, rules and, of course, control.

The European Parliament invites all Crypto Asset Service Providers to verify each customer with crypto transactions exceeding 1K Euro. Within the EU, all data on cryptocurrency transfers will be available to European financial intelligence services.

We are dealing with an attempt to embed cryptocurrency in the fiat financial system. Will this work?

Let us first look at how Europe will be able to adopt and implement all these legislative changes. The European bureaucracy may well side with the free crypto business and keep the decision-making process indefinitely. The technical implementation of the new legislation is also not obvious, blockchain is too well protected from external interference.