EU's New Anti-Money Laundering Measures Stir Controversy
The EU Parliament's committees have approved stringent anti-money laundering regulations, banning anonymous cash transactions over €10,000 in business settings and any anonymous cryptocurrency payments. MEP Patrick Breyer criticizes the legislation for infringing on financial privacy and personal freedom, highlighting the historical significance of cash for privacy and the potential risks of increased bank dependency and digital financial surveillance. Despite efforts to combat crime, critics argue these measures will minimally affect crime rates while significantly impacting civil liberties and the use of virtual currencies.
- Over 90% of EU citizens opposed cash payment limitations in a 2017 survey, valuing anonymous transactions as a crucial personal freedom.
- Law enforcement's success in tracing Bitcoin transactions questions the necessity of stringent regulations on cryptocurrencies, with concerns over their global regulation due to the internet's nature.
https://www.patrick-breyer.de/en/eu-cash-cap-and-ban-on-anonymous-crypto-payments-results-in-financial-paternalism/
Bitcoin /
npub1dw…ds9g9
2024-03-21 22:25:16
Author Public Key
npub1dwegu7taqadap2pzw6dszulc6r7gwmldawjpdrersuykxxlyzfeskds9g9Published at
2024-03-21 22:25:16Event JSON
{
"id": "c69942338ab51c1ab4575fe9773473fd8e065e64368e67ca6248bb6df7b8d28c",
"pubkey": "6bb28e797d075bd0a822769b0173f8d0fc876fedeba4168f238709631be41273",
"created_at": 1711059916,
"kind": 1,
"tags": [
[
"r",
"https://www.patrick-breyer.de/en/eu-cash-cap-and-ban-on-anonymous-crypto-payments-results-in-financial-paternalism/"
]
],
"content": "EU's New Anti-Money Laundering Measures Stir Controversy\n\nThe EU Parliament's committees have approved stringent anti-money laundering regulations, banning anonymous cash transactions over €10,000 in business settings and any anonymous cryptocurrency payments. MEP Patrick Breyer criticizes the legislation for infringing on financial privacy and personal freedom, highlighting the historical significance of cash for privacy and the potential risks of increased bank dependency and digital financial surveillance. Despite efforts to combat crime, critics argue these measures will minimally affect crime rates while significantly impacting civil liberties and the use of virtual currencies.\n\n - Over 90% of EU citizens opposed cash payment limitations in a 2017 survey, valuing anonymous transactions as a crucial personal freedom.\n\n - Law enforcement's success in tracing Bitcoin transactions questions the necessity of stringent regulations on cryptocurrencies, with concerns over their global regulation due to the internet's nature.\n\nhttps://www.patrick-breyer.de/en/eu-cash-cap-and-ban-on-anonymous-crypto-payments-results-in-financial-paternalism/",
"sig": "190f45591d345a2d4604e264ec55cf797c151630ec195505fb7ba2a4f6a6e549ae86eb08f276aee8b5fbcd857cf69edff56b8934078829facafbeaf4b39db44d"
}