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[SCAMEXPOSER]

The annonymity of cryptocurrencies may not have it way if government will support it. The European commission is currently considering sponsoring a bill that will require all cryptocurrencies assets transfers to include customer information of the parties involved. This is to discourage or limit money laundering activities in the country.
Share your thoughts on this move

 

[Wisdom01]

although if it's now traceable it's going to be removing part of the decentralized nature of crypto currency , although to me it's good that way , because there are really lot of scams ongoing and cryptocurrency is actually been used to conduct such actuvities I think

 

[fiery phoenix]

This is literally impossible,crypto users won't accept it.Crypto was created as a decentralized currency and that is what made it gain high usage and popularity quickly,adding personal information for tranaactions will mean that the decentralisation will be removed and it will leave the transaction prone to hacks and the cryptos will now be controlled by governments which is againat the main reason crypto was formed

 

[Horia_10]

I support the thing as well , because if Crypto becomes traceable ; those who do not do any illegal activity will have more ease in trading , selling or using it for fair means and the ones that do the illegal activity will be blocked so I agree on that opinion and it is for the betterment of the people .

 

[Wisdom01]

This is literally impossible,crypto users won't accept it.Crypto was created as a decentralized currency and that is what made it gain high usage and popularity quickly,adding personal information for tranaactions will mean that the decentralisation will be removed and it will leave the transaction prone to hacks and the cryptos will now be controlled by governments which is againat the main reason crypto was formed

the crypto currency users would have no choice than to accept it , because once people start making presenting their transaction to the government , others would follow ,so the government won't halt their trading activities , but I Know vividly that another reason government might be introducing monitoring of the transaction of for taxation

 

[Horia_10]

Once the transactions are monitored it will save many investors from the scams and they won't get invested in bad projects that made most of the investors loss and either ran out or closed due to nonpayment or poorly managed payments approach , the payments facility should be monitored and it should be a very welcoming move actually .

 

[Ben Kempton]

although if it's now traceable it's going to be removing part of the decentralized nature of crypto currency , although to me it's good that way , because there are really lot of scams ongoing and cryptocurrency is actually been used to conduct such actuvities I think

They are implementing these rules in order to regulate cryptocurrencies and I think that this will also allow them to tax people because if they will know who is holding cryptocurrencies and the amount that particular person holds, then they will be able to impose taxes. Having said that, I am sure that people will still be able to send and receive coins using private coins through private wallets. How will they be able to trace it?

 

[Horia_10]

Monero and probably ltc as well are the solutions , the people do not care and many exchanges sale and trade it as well , E-wallet systems don't allow deposit via the monero protocol and therefore people might just starting using its ecosystem or a mixer system even more to fake the source of a coin payments incoming and outgoing.

 

[shrey1408]

Once the transactions are monitored it will save many investors from the scams and they won't get invested in bad projects that made most of the investors loss and either ran out or closed due to nonpayment or poorly managed payments approach , the payments facility should be monitored and it should be a very welcoming move actually .

Although, if it's now traceable, it'll take away some of the decentralised character of crypto currency, which I think is a good thing because there are a lot of scams going on right now, and cryptocurrency has been used to conduct such activities I believe.

 

[shrey1408]

They are implementing these rules in order to regulate cryptocurrencies and I think that this will also allow them to tax people because if they will know who is holding cryptocurrencies and the amount that particular person holds, then they will be able to impose taxes. Having said that, I am sure that people will still be able to send and receive coins using private coins through private wallets. How will they be able to trace it?

This is a mathematical impossibility, and crypto users will not accept it. Crypto was created as a decentralised currency, which is why it quickly gained widespread use and popularity. Adding personal information to transactions will remove the decentralisation, making transactions vulnerable to hacking and putting cryptos under government control, which is the main reason crypto was created in the first place.

 

[shrey1408]

Monero and probably ltc as well are the solutions , the people do not care and many exchanges sale and trade it as well , E-wallet systems don't allow deposit via the monero protocol and therefore people might just starting using its ecosystem or a mixer system even more to fake the source of a coin payments incoming and outgoing.

Users of crypto currency would have no choice but to accept it, because once some people start presenting their transactions to the government, others will follow, so the government will not stop them from trading. However, I am well aware that another reason the government might introduce monitoring of transactions for taxation purposes.

 

[Horia_10]

Users of crypto currency would have no choice but to accept it, because once some people start presenting their transactions to the government, others will follow, so the government will not stop them from trading. However, I am well aware that another reason the government might introduce monitoring of transactions for taxation purposes.

The government never wants to leave anything that is not taxed ; if they can they would and they might place a tax on good thinking as well ; yes the morons may do it ; and I think they would develop a tax system and amnesty scheme for that as well ; the users of Crypto are pissed when it comes to nonregulation as they have to sell at low rates and then face 10% loss from such events added to them

 

[Ben Kempton]

the crypto currency users would have no choice than to accept it , because once people start making presenting their transaction to the government , others would follow ,so the government won't halt their trading activities , but I Know vividly that another reason government might be introducing monitoring of the transaction of for taxation

I think that not all the wallets require you to submit your personal information. There are so many people who are holding cryptocurrencies in wallets and not all of them are providing their personal information to the government. Having said that, many people still have the option to use private coins using private wallets.

 

[Horia_10]

The ones that are not providing the details to the government can actually serve as real ones " but then they will not be regulated and can scam out the people too " the authorities of a country can play their roles in the development of country in both good and bad ways .

 

[Wisdom01]

I think that not all the wallets require you to submit your personal information. There are so many people who are holding cryptocurrencies in wallets and not all of them are providing their personal information to the government. Having said that, many people still have the option to use private coins using private wallets.

although I haven't seen a wallet that you would buy cryptocurrency without using kyc verification or submitting your personal information in one or two ways , majority actually makes it so compulsory that you must actually get your personal information updated

 

[Horia_10]

although I haven't seen a wallet that you would buy cryptocurrency without using kyc verification or submitting your personal information in one or two ways , majority actually makes it so compulsory that you must actually get your personal information updated

This is actually because they are serving as legal operations in their country back and they are required by the laws of their country to provide the data of their service users or buyers to the relevant authorities ; in case of non compliance ; their licenses could be cancelled which no business wants anytime to happen so they do abide by the rules to bare off this situation .

 

[Ben Kempton]

although I haven't seen a wallet that you would buy cryptocurrency without using kyc verification or submitting your personal information in one or two ways , majority actually makes it so compulsory that you must actually get your personal information updated

There are many wallets that you can use without any KYC procedure. For example, I use the Coinomi wallet and it never requires you to send any kind of papers or documents ever. Moreover, the good thing about Coinomi is the fact that they support many coins and even a few tokens as well. Have you ever heard of this particular wallet before?

 

[Horia_10]

There are many wallets that you can use without any KYC procedure. For example, I use the Coinomi wallet and it never requires you to send any kind of papers or documents ever. Moreover, the good thing about Coinomi is the fact that they support many coins and even a few tokens as well. Have you ever heard of this particular wallet before?

I have heard about it and have used it in the past as well ; does it supports bep-20 and erc-20 tokens at this point ? It will be great if it does because I am using guarda at the moment ; the wallet has low fees ; but it does not supports many erc-20 token and also bep-20 tokens as well .

 

[Ben Kempton]

I have heard about it and have used it in the past as well ; does it supports bep-20 and erc-20 tokens at this point ? It will be great if it does because I am using guarda at the moment ; the wallet has low fees ; but it does not supports many erc-20 token and also bep-20 tokens as well .

Yes, Coinomi does support all of those tokens and many Binance tokens as well. It also supports the TRC-20 blockchain token of tron. They also have a great support team that responds quickly. They also have a live chat support team as well and this is cool!

 

[Niftyicon]

although if it's now traceable it's going to be removing part of the decentralized nature of crypto currency , although to me it's good that way , because there are really lot of scams ongoing and cryptocurrency is actually been used to conduct such actuvities I think

Interestingly, this privacy feature of cryptocurrencies was one of its huge selling points at the start. However, with the current height of abuse of the feature that has caused scams to thrive, everyone or the majority seems to be in support of a more monitored system that could curb this vice.