The EU's Ban on Privacy-Centric Cryptocurrencies The European Union is set to ban anonymous cryptocurrency accounts and privacy coins like Monero and Zcash by July 2027. This move is part of a new anti-money laundering regulation aimed at curbing illegal uses of cryptocurrencies. Cryptocurrency service providers will be required to conduct identity checks on all users or cease providing services within the EU.

This decision has sparked controversy, with some fearing it will stifle innovation and privacy, while regulators see it as essential for combating illicit financing. The cryptocurrency market has already reacted with a drop in prices for some privacy coins, and some users and developers may seek more decentralized solutions or move to jurisdictions with less stringent regulations.