Crypto and blockchain has changed the world. Most of the asian and african nations are coming out of their misery and poverty days due to the adoption of it. However not every nation is going in the path of growth. Instead some of the nations are going down rather than adoption it through regulation.
Take example of European Union where they are making the crypto regulated in such a way that it would not be consumer friendly but more of govt and the bank friendly. And the amount of limits and the regulation would only going to hurt the consumers more and may keep the financial system broken.
Let's talk about the European Union's new AML laws that changed the face of the cash and the crypto.
Everything Cash and Crypto Tracked or Else Illegal
Totalatarian states start with giving some fictional freedom and then they slowly add the rules and trap the citizens. Same is the game going on in the EU. For example, the govt would be keeping an eye on cash and the crypto payments. They won't be allowing the decentralized and DeFi wallets. Instead they would have rules on what and where your funds should be go.
For example, cash payments over 10k Euro would be capped and won't be allowed over the amoount. And say anonymous cash or offline cash would be capped at the 3K euro. On the top of that say you are using the decentralized crypto wallet that too would be capped for the transaction. In short all your big money transactions are going to be under watch. You can check the reference for that here.
Adoption in 3 years starting this year
Some people may feel like running away from such walled garden world. But that is eventually going to happen. Based on the Patrick Breyer's update on this rule, this change is likely to be implemented in the Germany this year. And if things go smooth for them other nations would implement the rest completing the transition to new AML rules in 3 years.
Based on the data of Patrick, it seems like more than 90 percent of the people are against the law. And they wish to change. They don't want to get into such type of the update that would make their funds and the finance into more or less restrictions. I know the law is yet to take effect but if the people oppose it things would work well otherwise it is a prison. Find more data on this context from the EU's legislation file.
What to expect from walled garden states in the world?
It seems like 1984 from Gerorge orwell turned out to be true. And things are moving towards the control and the people are going to suffer. First they want to have control over real estate, then they want to control your cash and now that we have made the crypto that too would be going under their control. So all things are going down eventually in that space.
Crypto needs to be on the decentralized side. And if it goes towards the centralized one things would only end up in the wrong side of the history. Make sure to use the coins like monero, pivx, hive and others so that you would not be struggling on the govt control side. And if the EU parliament continues to chase them too, we have to find out new ways to get out of the hold.
In the name of the anti money laundering, there are some new dangerous laws being passed and the economy is being controlled under the EU union. So it's reasonable to say that citizens of EU needs to voice against this in upcoming times.