The European Union gets tough on crypto with new rules to stop anonymous payments. This big step is part of its fight against money laundering, funding of terror, and tax dodging. EU leaders are ready to trace every digital coin that moves.
Cash has limits now, too. Say goodbye to hiding big money deals with anything over €3,000 needing a name. Businesses also have a limit of €10,000.
Critics say the new legislative move is excessive. They argue the laws hit privacy hard and don't help catch tax evaders or money launderers. Dr. Patrick Breyer, a member of the European Parliament, claims these laws take innocent people's freedom for no good reason.
The crypto community isn't happy, as privacy is one of crypto's main components. With these laws in place, even sending a little bit of crypto needs your full ID. This might hurt gifts and help for activists who need to stay unknown.
But, if you keep your crypto to yourself, you're out of this law's reach. The EU can't touch peer-to-peer deals – there's just no way to control them. These new laws, however, could end up missing the mark — crypto is worldwide and finds its way around borders easily. The impact it might have remains unknown.
