EU leaked proposal to ban privacy coins – a speculation

There's a leaked EU draft bill about banning privacy coins like Monero, Zcash:

But what could it mean for decentralized project like Monero? I mean, I surely don't think that just because some regulators say no to privacy in crypto space the network automatically cease to exist, it's probably the opposite, it could grow stronger given the utility.

I think what they're trying to say is: Let's remove the possibility to buy these sort of things from the CEX, on whom we have a lot of power!!1!

But only because we cannot anymore buy xmr on binance, the network will cease to exist? Oh no… There are so many decentralized alternatives I'm sure you mostly prefer than binance.

Meanwhile, if you possess xmr on binance you're fully doxxed, if you send on another exchange you both are fully doxxed, if you want to withdraw to native monero network… There the problem start for them.

So what they could really mean is: Let's mantain privacy coins on cex as a speculative assets, so we know who buy and sell, BUT, you want to withdraw to native network? You have to give us full triple verification with video, reason of withdraw, intention of use, we'll save your withdraw address, and maybe some DNA sample for collectionism (lol). They'll impose by law the clunkyness of a withdraw from binance as it is right now, plus some more data storage, all for mantaining a glimpse of control, on a decentralized network that doesn't at all need CEXs to exist.


submitted by /u/ovbat
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