#EUPrivacyCoinBan 🌱🍀 #EUPrivacyCoinBan

The EU Anti-Money Laundering Regulation (AMLR), which prohibits anonymous cryptocurrency wallets and privacy coins like Monero, Zcash, and Dash, and requires identity verification for transactions over €1000 starting in 2027, will have a significant impact on user privacy

🔎🪪Loss of anonymity: The ban on anonymous wallets and privacy coins eliminates the possibility of conducting transactions without revealing identity. This contradicts the principle of cryptocurrencies, which prioritize autonomy and anonymity, affecting users who seek to protect their privacy for legitimate reasons, such as avoiding surveillance or censorship

🧑‍💻🔓Data risks: Identity verification involves collecting and storing personal information, increasing the risk of leaks or cyberattacks. Centralized platforms, overseen by the new AML authority, could become attractive targets for hackers

🕵️State surveillance: Mandatory transaction traceability could facilitate mass oversight by governments, eroding financial freedom and exposing users to potential abuses of power

Although the regulation aims to prevent crime, it sacrifices privacy, raising concerns about the balance between security and individual rights