The governments of European countries want to establish a regulatory framework for cryptomonnaies. However, the measures they want to take are not to everyone's liking. Recently, Coinbase's PDG said that the EU intends to take measures that jeopardize the future of cryptocurrency. The European Commission, for example, wants cryptocurrency exchanges to provide information on the holders of specific types of digital assets. Coinbase's PDG has issued a new statement on the subject.

Coinbase's PDG believes that the European Union (EU) is planning to take anti-crypto currency measures.

Coinbase criticizes the cryptocurrency industry's unfavorable policy.

Another vote will be held by the EU, which might have an impact on the future of cryptocurrency. The Coinbase PDG has spoken out on potential measures. He called these actions "bad policy" and urged EU leaders to reconsider their minds.

Coinbase's executives said in a blog post dated March 28 that the consequences of adopting this version would be disastrous for the cryptocurrency industry.

"This revision will trigger a monitoring regime on exchanges like Coinbase," said Paul Grewal, director of Coinbase's legal department. According to him, the new regulation would tarnish the reputation of self-healing wallets, which people use to hide their cryptomonnaies from prying eyes.

Brian Armstrong, Coinbase's PDG, also expressed his opposition to the revision on Twitter. He emphasized the need of exposing unfavorable policy projects in the cryptocurrency sector.

There are arguments and counter-arguments.

Those in favor of amending the law on fund transfers have provided several grounds to support their stance.

Among them is the fact that criminals use cryptomonnaies to conduct transactions under the radar of law enforcement agencies. In addition, the collection of personal information related to self-h├ęberged luggage is not considered a breach of privacy.

To refute these claims, Grewal stated that cryptomonnaies are not among the most commonly used methods by criminals for money laundering. He cited studies that show that liquid money is the most popular method of getting there.

According to Grewal, law enforcement agencies can track cryptocurrency transfers using advanced analysis tools. All transactions are recorded on the blockchain, whereas liquid money leaves no trace. In addition, checking information in this manner is not a breach of one's privacy.

The UE does not have access to all information pertaining to people who have h├ęberged luggage. However, security agencies believe that many people are using cryptography to carry out illegal activities. The new EU resolutions will enable law enforcement agencies to detect illegal activities and prosecute their perpetrators.

Source : Finbold

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