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Hostless wallet: European Parliament returns to the charge against bitcoin (BTC)

Hostless wallet: European Parliament returns to the charge against bitcoin (BTC)

The European Parliament and the European Council (Heads of State) have provisionally agreed to destroy the ideals of freedom brought about by bitcoin …

Traceability

The agreement aims to “ Travel rule »Enacted by the Financial Action Task Force (FATF) on bitcoin. The FATF is an intergovernmental organization that promotes the fight against money laundering and the KYC procedure (Know your outfit). It is often seen as a Western armed wing used to allow non-aligned countries …

seo Travel rule it requires information on the source and recipient of a money transfer to travel with the transaction.

Because bitcoin transactions readily play on thresholds that trigger traceability requirements, no exemptions are offered, even in the case of very low value transfers.

seo Travel Rules which will come into force when the law of the MCA applies, .i. 18 months after MEPs vote.

Money laundering and terrorism…

Parliament and the European Council have agreed to blacklist it exchanges with which the exchanges Europeans will have to stop processing. This list will be established in the MiCA law currently under discussion.

According to the provisional agreement, the exchanges they will need to verify the source of the BTC and other cryptocurrencies before transferring them to another exchange.

The details have not been disclosed and everyone is asking this question: can any BTC involved in a suspected illegal transaction be resold exchange ?

Should we also systematically confiscate all banknotes used in an illegal transaction? Knowing we get traces of cocaine on 80% of dollar bills…

Unhosted wallet

The IS Travel rule it shall also cover transactions between exchanges and unhosted wallet (the private wallets you hold seed and the private key).

The IS exchanges will spend “Check whether a private wallet is owned or controlled by their customers for all transactions over 1000 euros”can we read in the press release.

This point is problematic since the purse Private and anonymous design is free software.

At present, this provisional agreement is not practical. The IS exchanges there is no way to check if a client withdraws their BTC of their own purse or a third party. The only thing an exchange can do is politely ask for the recipient’s name at the time of transfer, with no guarantee that it is genuine.

It should also be noted that the deputy Ernest Urtasun spoke about it “collect” identity beneficiary transaction, other than identity “check” :

“The regulation will apply to transfers to / from private wallets. Exchanges will be required to “collect information” and make due diligence on all transfers involving private wallets on a risk basis. “

“Market! After months of negotiations with the European Council, we have agreed on the most ambitious travel rule in the world for crypto-asset transfers. We are ending an unregulated crypto wild west […] »

Why is the European Commission so hostile to bitcoin?

This is suggested by the way parliamentarians talk about bitcoin. Assita Kanko, rapporteur for the Committee on Civil Liberties, Justice and Home Affairs, played for example the sordid card of pedophilia:

For too long, crypto-assets have been under the radar of the authorities. They were used by terrorists to raise money, gain access to child pornography and launder money. »

Never, ever, will the benefits of bitcoin be communicated by these elected representatives. Where are the Deaths when bitcoin is acknowledged to be the greatest store of value that mankind has ever had, and moreover accessible to all?

Would it be a problem that ordinary people could protect themselves from the gargantuan inflation that resulted from the long Ponzian outbreak of criminal central bankers? The funny thing is, since it’s often the socialists who hold bitcoin in horror.

In this regard, do not miss this article which gives a good overview of the thinking of the current globalized European “stars” in power. Get here a tweet Masterful arrival from the developers of the Samourai wallet in response to the attack on parliament.

We will end on a positive note by emphasizing that these draconian rules, if passed, are very likely to reduce the supply of BTC available on the website. exchangeswhich will support its value.

“That’s your business »

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Nicolas teterel avatar

Nicolas Teterel

Journalist reporting on the Bitcoin revolution. My papers deal with bitcoin through geopolitical, economic and libertarian prisms.

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