Restrictions on Crypto Payments are Coming in the EU

The European Union has banned payments made with cryptocurrencies used in self-custody wallets to combat money laundering. The European Parliament approved the decision on March 19 and set limits for the implementation of the law. Agreed-upon money laundering legislation declares cash payments over €10,000 and anonymous cash payments over €3,000 illegal. Cryptocurrency Ban and Its Effects The legislation targets transactions with unspecified wallets as well as self-custody wallets. The new law is expected to come into force within three years and it is anticipated that the implementation of the approved AML package will be completed sooner than expected. There have been criticisms of the EU’s new law. Parliament member Breyer expresses doubts about whether the ban on anonymous payments will be effective in combating crime and criticizes the prohibition of anonymous payments, seen as a fundamental part of individual financial freedom. Socioeconomic Effects of Bans The Pirate Party representative emphasizes […]

Restrictions on Crypto Payments are Coming in the EU

The European Union has banned payments made with cryptocurrencies used in self-custody wallets to combat money laundering. The European Parliament approved the decision on March 19 and set limits for the implementation of the law. Agreed-upon money laundering legislation declares cash payments over €10,000 and anonymous cash payments over €3,000 illegal.

Cryptocurrency Ban and Its Effects

The legislation targets transactions with unspecified wallets as well as self-custody wallets. The new law is expected to come into force within three years and it is anticipated that the implementation of the approved AML package will be completed sooner than expected.

There have been criticisms of the EU’s new law. Parliament member Breyer expresses doubts about whether the ban on anonymous payments will be effective in combating crime and criticizes the prohibition of anonymous payments, seen as a fundamental part of individual financial freedom.

Socioeconomic Effects of Bans

The Pirate Party representative emphasizes the problems of restricting cash and increasing economic dependence, highlighting the necessity to stop financial rights deprivation. The ban on anonymous payments has sparked a broad debate, covering not only fundamental values such as financial freedom and privacy, but also issues related to crime prevention and economic balance.

It is known that historically, EU citizens have shown resistance to restrictions on cash payments and perceive it as a violation of personal freedoms. Experts express doubts about the impact of the imposed limitations on crime.

Cryptocurrency and a Blow to Human Rights

There are concerns that legal regulations regarding cryptocurrencies have the potential to threaten financial freedom and accessibility to cryptocurrencies. While cryptocurrencies often facilitate access to the financial system through unauthorized transactions, new regulations could restrict these freedoms. Experts and freedom advocates express that these restrictions could be a blow to human rights.

European citizens and business people express concerns about whether the EU Parliament will be able to successfully implement these laws, as well as factors such as public support that will be decisive in this process.

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