What an EU Ban on Privacy Coins Means

Conceal Network’s commitment to Privacy as a Right!

The details included in the leaked Czech proposal were the following:

• Crypto asset providers will be obliged to verify customers’ identity even for occasional transactions less than €1,000
• Larger payments will require a probe into the nature and purpose of the business
• Crypto service providers doing business outside of the EU will need additional requirements on the counterparty to ensure that they are licensed and what AML controls they have in place

Myopia in Decision Making

A common pitfall from regulators in trying to put regulations on crypto is that they’re developed with good intentions, but usually fail to actually solve the root of the problem.

The road to hell is paved with good intentions

Regulations also have had little effect on deterring criminal activities. Typically, regulators try to have a heavy hand on topics that are controversial and/or have a buzz around them. The FTX scandal is a prime example of how regulators are looking into how to regulate crypto, but the failure and crimes committed were not caused by blockchain/cryptocurrency. This attack on privacy is an extension of the same argument, where politicians and regulators (many of whom don’t have the least idea of how it all works) want to stamp their authority and “control” how things will work in their jurisdiction.

Preserving Privacy

At Conceal Network, the right to privacy is an utmost, non-negotiable right. Unlike a driver’s license where you need to get permission to drive, privacy is a right and the ability to handle transactions not under the watching eye of “Big Brother” or anyone else is critical. The technology utilized by Conceal enables the obfuscation of transaction data, making it untraceable and unlinkable so that anyone can transact with another party and not need to worry about that information being publicly available. The community and Conceal team would unanimously agree that these attacks on privacy coins are unfounded and ill-developed. The intended effect of these proposals by the EU is more an attack on an individual’s privacy than on any illegal activities or movement of funds.

As a community, we must make our voices heard and reach out to our local, regional, and national politicians and voice our concerns. Also, take the time to spread and educate family and friends about how privacy coins work and how any laws against them are so far off from making any real dent in minimizing crime. The key is generating a voice, supporting privacy-preserving projects like Conceal, and educating/discussing with others about blockchain/cryptocurrency. Lastly take time to dispel much of the negative connotation that has been developed by media/governments in interactions with people who are non-native crypto people.

Come Join Us, Conceal in the Media:

• Conceal.Network Homepage
• Conceal Network Discord Server
• Conceal Network Twitter
• Conceal Telegram
• Conceal Network Github