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European Union seeks to tighten regulations on CryptoCurrency use

European Union seeks to tighten regulations on CryptoCurrency use

The European Union, long known for it’s overregulation of every aspect of daily lives, seeks to regulate CryptoCurrency use even further. This comes at an interesting time, as the United Kingdom recently held a referendum which came out with the decision to leave the European Union, the main reasons among British Citizens being overregulation of everything possible.

The rules that the EU has stated all EU members must abide by, includes all EU exchanges must record personal data and provide it to EU authorities when necessary. This is usually done under the guise of ‘terrorism’ and ‘national security’. These ‘rules’ however seek to do nothing to stop terrorism in actual fact, because terrorists do not really abide by such rules and regulations but instead will find other ways to launder money, as they have done with cash, precious metals, etc. It is another attempt to further restrict freedoms, as this comes at a time when they have also been pushing for a cashless society, where every move is watched.

This is another attempt to hold on to a power structure that is falling in the world, and it is recomended that the people do not seccumb to this. Bitcoin, Litecoin and other digital currencies has given the average joe a way of taking their personal power back and being in full control of their wealth. The banks have been well known for financing unwanted stuff, and squirrelling away money.

Of course, being in control of your money comes with responsibility, such as proper storage of private keys, etc. There is no one to run to if Bitcoins are hacked, or what not, so care should be taken here and while it sounds nice the idea of being your own bank, this comes with responsibility! This article is in no way suggesting avoiding taxes, etc. But it is to alert readers to the fact that regulators are trying to push for restrictions on digital currency, blowing the old trumpet of ‘terrorism’. Terrorists existed long before Bitcoin, so penalising the average joe to catch a few terrorists seems fishy, nonetheless.