"The law would also cover transactions above €1000 from so-called self-hosted wallets (a crypto-asset wallet address of a private user) when they interact with hosted wallets managed by crypto-assets service providers. The rules do not apply to person-to-person transfers conducted without a provider or among providers acting on their own behalf."
"The text –which was provisionally agreed by Parliament and Council negotiators in June 2022- aims to ensure that crypto transfers, as is the case with any other financial operation, can always be traced and suspicious transactions blocked."
Stop lying, nobody believes you. Or are we planning for the future when cash is purposely eliminated?
My apologies, I will attempt to clarify. Consider the example of cash with the quoted text above.
Since institutions lie with impunity, I am taking it upon myself to call out edititorializing lies like the clearly untrue text. Basically the media and fact checkers are asleep at the wheel and not holding institutions accountable.. so that responsibility now falls to the citizenry.
Or did you mean that its not an attempt to lie, it's an outright lie?
What exactly are they supposed to be lying about? I do not understand what you are getting at.
Do you not believe that governments want to monitor financial transactions and flag suspicious ones for further investigation? Or do you believe they are not already doing this with other types of electronic financial transactions?
And where does cash come into the equation? Sure it's legal and "untraceable", but it's not like you can use a suitcase full of $X00,000 in unreported cash to buy a new house, car, business, etc without raising all kinds of questions from your local revenue agency.
Please use the example of me spending $1 of cash to buy a bottle of water off of a street vendor. Can the government or regulatory body trace this transaction or block it? They can't? Then the premise is invalid.
They're trying to apply the same false premise to crypto.
That doesn’t make any sense – 1€ transactions aren’t blocked because they’re small, just like the text of this rule excludes. If you try to bring 10,000€ in a suitcase to a bank, I’m sure that’d attract just as much attention as your bitcoin would.
Perhaps this is the proof any cryptocurrency enthusiast needed to convince their peers: cryptocurrency is finally being viewed as real currency, and will obviously be regulated so.
The €1000 limit only applies for companies like payment processors, though, you can still transfer larger amounts to individuals. As far as I can tell the limit also disappears if you apply the necessary KYC procedures like any other payment provider, but I haven't had time to read through the entire document yet.
The fact some people thought they could create a financial system outside of their local government control and they wouldn't eventually be punished for doing so is the part I wonder why I it took so long to figure out.
so how are they going to deal with a transaction that's 1000 euros one day, and less than that another day. Plus they have no idea what's going on on Monero, which is what most people are using to actually trade goods, so this basically only applies to legacy crypto & shitcoins
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[ 5.1 ms ] story [ 1144 ms ] threadStop lying, nobody believes you. Or are we planning for the future when cash is purposely eliminated?
Since institutions lie with impunity, I am taking it upon myself to call out edititorializing lies like the clearly untrue text. Basically the media and fact checkers are asleep at the wheel and not holding institutions accountable.. so that responsibility now falls to the citizenry.
Or did you mean that its not an attempt to lie, it's an outright lie?
Do you not believe that governments want to monitor financial transactions and flag suspicious ones for further investigation? Or do you believe they are not already doing this with other types of electronic financial transactions?
And where does cash come into the equation? Sure it's legal and "untraceable", but it's not like you can use a suitcase full of $X00,000 in unreported cash to buy a new house, car, business, etc without raising all kinds of questions from your local revenue agency.
https://www.euronews.com/2022/12/12/eu-parliament-vice-presi...
They're trying to apply the same false premise to crypto.
The €1000 limit only applies for companies like payment processors, though, you can still transfer larger amounts to individuals. As far as I can tell the limit also disappears if you apply the necessary KYC procedures like any other payment provider, but I haven't had time to read through the entire document yet.
I don't think people are to stupid to see this.
Diametrical ?
The proposed rules are not about limiting transaction size. They are about enforcing traceability for transactions above a certain size.