#EUPrivacyCoinBan Certainly, here is #EUPrivacyCoinBan the description in Urdu:
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Proposed ban on privacy coins by the European Union (#EUPrivacyCoinBan)
The European Union is working on legislation aimed at banning privacy coins like Monero (XMR), Zcash (ZEC), and Dash (DASH). These coins keep user identities and transaction details confidential through special technical features.
Details of the ban:
Purpose: To make effective measures against money laundering and terrorist financing.
Scope: Ban on cryptocurrencies known as "privacy-enhancing coins."
Procedure: Crypto service providers and financial institutions will be prohibited from offering any services related to these coins.
Additional measures:
Also bans on crypto mixing and tumbling services.
Some restrictions on self-hosted wallets.
Implementation timeline: The law is expected to come into effect in 2027.
Public Response:
Criticism: Many experts and users say this measure will affect the financial privacy of ordinary people.
Support: On the other hand, authorities believe that this law
Will enhance transparency and security.
English description of the infographic:
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#EUPrivacyCoinBan — European Union’s Proposed Ban on Privacy Coins
Purpose:
To take effective actions against money laundering and terrorist financing through financial systems.
Method:
To ban cryptocurrencies known as "anonymity-enhancing coins" that are designed to obscure transaction data and user identity.
Implementation:
Crypto service providers and financial institutions will be prohibited from offering services involving these privacy coins.
Additional Measures:
Bans on crypto mixing and tumbling services.
Restrictions on self-hosted wallets for anonymous transactions.
Implementation Timeline:
The law is expected to come into effect by 2027.