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EU to Ban Privacy-Enhancing Cryptocurrencies

The proverbial metal is hot for the financial regulators to mold the cryptocurrency markets. To this end, the EU has recently come forward to introduce regulations on the private sector. The tokens that have come under the target of the EU regulators are privacy tokens.

Privacy tokens are the type of cryptocurrencies that protect the identity of the user, such as Monera, Zcash, Secret, and Dash coin, etc. Therefore, the users who wish to make anonymous transactions within EU jurisdictions would now have to rely solely on paper money.

EU Legislators are Working on Anti-money Laundering Proposals

A leaked document from the EU has appeared to the public attention that exclaims that the European legislators are working on banning the privacy tokens as part of a new anti-money laundering proposal. 

The document has been leaked by an EU diplomat who had approached Coindesk with the information on the condition of remaining anonymous.

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The document has mentioned a host of the most popular privacy tokens mentioned earlier in the blacklist. The legislation aims to ban banks and cryptocurrency enterprises from dealing with privacy coins under its jurisdiction. 

In June, European Parliament was trying to push a ban on the transaction restrictions between inactive wallets and crypto exchanges.

Josh Swihart, the CEO of Zcash, has come forward to comment on the matter of a possible ban on privacy coins in EU jurisdiction. 

He claimed that companies that are accepting cryptocurrencies as payment on a native basis and not through third-party they would wish to hide these transaction details from their competitors.

He also commented on the matter of the Tornado Cash ban by the Office of Foreign Assets Control (OFAC) under the supervision of the Treasury Department.  Swihart claimed that the move seemed like an overreach by the US regulators. He also claimed that under the current circumstances, the demand for privacy tokens could increase.

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Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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