The European Union May Ban These Altcoins!

In recent months cryptocurrency It is claimed that the European Union, which is working for regulations, will ban some altcoins.

According to CoinDesk, the EU may ban the use of privacy-themed cryptocurrencies under the money laundering bill. Among the privacy-themed altcoins that are on the target of the regulators, it is primarily ZCash (ZEC), Monero (XMR) and Dash (DASH) There is talk of projects.

The Czech Republic is undertaking the negotiation between governments for money laundering law in Europe. Czech authorities allegedly shared a draft with other member states on November 9, which included the following sentence:

“Credit institutions, financial institutions and crypto-asset service providers; It will not be able to hold cryptocurrencies that provide anonymity.”

An EU official explained in an interview with the source that “cryptocurrencies designed for privacy” put traceability at great risk.

The movements of privacy-themed cryptocurrencies on blockchain networks cannot be tracked in any way. The project of altcoins such as ZCash, Monero and Dash is all about ensuring privacy. However, secrecy is playing into the hands of many malicious individuals or groups. The states, on the other hand, are quite uncomfortable with this issue.

Last summer, the US began imposing a series of sanctions on Tornado Cash due to its complete confidentiality.