The European Union officially voted in favor of banning the trading and use of private cryptocurrencies such as Monero and Zcash.

This ban is part of new Anti-Money Laundering Regulations (AMLR) aimed at increasing transparency and preventing the use of cryptocurrencies in illegal activities. These regulations are set to come into effect by 2027.

The new regulations also include requirements for user identity verification in cryptocurrency transactions exceeding 1000 euros, and a ban on anonymous cryptocurrency wallets.

This decision has sparked widespread controversy in the cryptocurrency community, with some seeing it as undermining financial privacy and stifling innovation, while others view it as a necessary step to combat financial crime.