The European Union (EU) has voted to ban anonymous cryptocurrency payments to hosted wallets using unidentified self-custody crypto wallets.

The decision is part of new anti-money laundering (AML) laws in the EU. The ban on payments in cryptocurrencies will also apply to unidentified wallets and service providers. The law prohibits cash payments over 10,000 euros and anonymous cash payments over 3,000 euros.

The new laws will take three years to apply, but are expected to take effect sooner. Opponents of the ban point to negative economic and social consequences, such as the threat of negative interest rates and increased dependence on banks.

EU citizens also express the opposite opinion, believing that anonymous payments are a fundamental human right.