European Union Is Now Planning To Make Strict Policies Regarding Regulation Of Cryptocurrencies

[Good-Guy]

Ever since the cryptocurrencies have been created, they are being used for many illegal activities and scams. However, this does not mean that cryptocurrencies are actually something that are quite harmful or bad. The regulation and monitoring of cryptocurrencies have been a real challenge for many countries and the government is trying its best to track down the usage and users of cryptocurrencies. In the recent times, European Union has also announced that it will make its policies stricter regarding cryptocurrency usage in order to stop money laundering. So, if you are a person who resides in a country that is part of European Union, you should not be surprised when such strict rules are implemented in your country. I just hope that such rules would not be made in many other countries because not all the people would prefer to unveil their identity. Not all the people who hide their identity are bad after all!

 

[Sherman198]

I think they can be trying their best to do so....but I don't think it's really possible for them to make cryptocurrency more stricter than we are already experiencing.

Well, maybe the only stricter action they can do is to ban all the exchange in all European countries, even at that we will still have black market sites where every cryptocurrency transactions would be carried out.

 

[Josemendez]

The fact is that cryptocurrency usage has it's cons and pros . The financial Regulators are not really wrong in their attempt to regulate cryptocurrency because failing to do so , there are consequences that are bound to come afterwards such as , money laundering , devaluation of the Fiat currency due to preference of cryptocurrency as a store of value to Fiat currency.

 

[Sherman198]

The fact is that cryptocurrency usage has it's cons and pros . The financial Regulators are not really wrong in their attempt to regulate cryptocurrency because failing to do so , there are consequences that are bound to come afterwards such as , money laundering , devaluation of the Fiat currency due to preference of cryptocurrency as a store of value to Fiat currency.

But even before the emergence of cryptocurrencies fiat has been losing its value every year (check the history of dollar, it's worth in the 1980's to it's worth in 2021). This has been happening but regularly people didn't notice this. Now you can also check, there has been history of money launder even before Bitcoin and other crypto came. People have been laundering money to buy Gold, buy bonds etc....

 

[Good-Guy]

The fact is that cryptocurrency usage has it's cons and pros . The financial Regulators are not really wrong in their attempt to regulate cryptocurrency because failing to do so , there are consequences that are bound to come afterwards such as , money laundering , devaluation of the Fiat currency due to preference of cryptocurrency as a store of value to Fiat currency.

I think it will still take a lot of time for fiat currencies to get devalued just because people would prefer cryptocurrencies. I do not think that this is the main reason behind why they believe that cryptocurrencies should be monitored. The main issue is to track how much funds are being sent out of the European countries and if the money is being used for money laundering or not.

 

[Sherman198]

I think it will still take a lot of time for fiat currencies to get devalued just because people would prefer cryptocurrencies. I do not think that this is the main reason behind why they believe that cryptocurrencies should be monitored. The main issue is to track how much funds are being sent out of the European countries and if the money is being used for money laundering or not.

That's it.... Bitcoin or cryptocurrency generally, cannot nullify fiat currency. Even if Bitcoin is generally acceptable world wide, we would still need fiat currency because there would be people who would still not trust Bitcoin, so they would still stick to their fiat currency. Even some shops or business owners would not still accept it.

 

[btaliat]

All I see is sheer jealousy. There have been money laundering even before crypto. All these strategies are just to frustrate cryptocurrencies users. How will government make these strict laws without centralizing crypto, which is their primary objective. And this will negate the promise on which crypto is established.

 

[sincerem]

IRS simply good that way that the European Union is simply trying to adopt new strategy to combat Cryptocurrency money laundering and the scams that go through it. They want to add more security to it, and stop any money laundering activities around Cryptocurrency. The best they can achieve that us through regulations, if they don't regulate it won't be possible to control what's going around it.

 

[Bookwormlux]

Crypto Currencies have their advantage and disadvantage and they should work on providing safe policies that would make it easy for their citizens to trade without being victims of scam or some other negative vices that crypto currencies are being used for. It is a good move from them.