PayBito Chief criticizes EU Laws Eliminating Privacy from Crypto

  • April 11, 2022
  • Jennifer Moore
PayBito Chief criticizes EU Laws Eliminating Privacy from Crypto

PayBito Chief and blockchain pioneer Raj Chowdhury voiced criticism against the  European Union’s decision to downplay privacy from crypto transactions altogether. Once enforced, the proposed law will remove a key feature that contributed heavily to global crypto success- anonymity. 

EU Crypto Curbing Law

Over 90 legislators and lawmakers cast their votes favoring privacy removal from crypto exchanges. The enacted law will lead to expulsion from conventional European finance services upon non-compliance, especially for crypto exchanges that are not regulated. 

The law posits mandatory AML(Anti-Money Laundering) requirements for any payments in the crypto sector worth more than 1000 Euros. Cryptocurrency exchanges are also required to monitor and account for each crypto transaction, including the ones carried through self-hosted or non-hosted wallets.  

Also Read: EU Lawmakers Sign Laws Restricting Crypto Privacy Ignoring Industry Protests

CEO Speak

The PayBito CEO explained his disapproval of the aforementioned EU Crypto law, stating, “The European Union’s illogical decision to strong-arm and force digital asset exchanges to track transactions may backfire and prove to be a hindrance for crypto adoption across Europe.”  

Also Read: The Skyrocketing Number of Crypto Owners Live up to Predictions

Intent and Impact of the EU Crypto Law

Experts worldwide are perceiving the EU’s proposed law as an attempt to regulate and track crypto transactions. Digital payment methods make it easy to bypass threshold limits while facilitating unmonitored transactions through non-regulated and private crypto wallets. On the other hand, stored crypto assets are easily traceable using the underlying blockchain technology. In fact, cryptocurrencies are the worst payment options for illicit criminal activities and money laundering. Thereafter, proven time and again by law enforcement agencies across the world.

“Blockchain and cryptocurrencies are ushering in a new era of digital transformation forcing nations around the world to take notice and design frameworks for their implementation. The European Union’s proposition of regressive law stands as an obstacle for technological progress,” concluded Chowdhury, who has previously spoken on the importance of exchange security and the global impact of crypto on payment processing.

Wrapping Up

Despite global criticism from leading proponents of the crypto industry, the EU’s design will enforce the privacy-curbing crypto laws. Thereafter, which will result in a loss of multiple investments and business opportunities across Europe. The bill will enforce into law after attaining a majority vote across each EU member’s national parliament. Forcing additional transparency on blockchain architecture will be nothing short of a setback. 

Source: https://finance.yahoo.com/news/eu-privacy-curbing-laws-detrimental-070000073.html

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