Now this is going to go well - Europe

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The clueless ponces running Europe are trying to legislate something that they do not comprehend.
From Bleeping Computer:

EU draft law adds security checks to all crypto transactions
The European Parliament has taken the first steps for new legislation against money-laundering that covers cryptocurrency transactions, which are an important part of illicit activities today.

Members of the European Parliament from the Committee on Economic and Monetary Affairs (ECON) and the Committee on Civil Liberties (LIBE) have agreed on adopting (with 93 votes in favor, 14 against, and 14 abstentions) draft legislation for more transparent crypto asset transactions.

“Under the new requirements agreed by MEPs, all transfers of crypto-assets will have to include information on the source of the asset and its beneficiary, information that is to be made available to the competent authorities,” reads the Parliament’s announcement.

The new rules will cover transactions from private-held cryptocurrency wallets without considering transaction thresholds, which erases any limits for anonymous transactions - previous proposal allowed up to €1000 to be transferred without giving any details about the sender and the recipient.

In other words, both sides of the transaction will have to register with the EU to perform any blockchain transaction.  This is a perfect example of something that "sounds good" as opposed to something that "does good".  I covered this very liberal problem in this post (excerpt):

Doing something that "sounds" good is a very liberal thing to do.  There is little or no thought put into the program, all that is needed is for it to sound good.  After the fact, there is no accountability. People do not do the basic research to see if this new program is actually doing what it intended to do.  More often than not, it is not addressing the problem and additionally, adding some new layer of confusion and harm.

The liberal reaction when this is brought to light is to expand the offending program.  They could not have made a mistake - after all, they are the brightest and the best.  It must be that the program was just not given enough money or resources. They need to take the failing program and make it bigger so that it can do even more fail.

And of course, this registration will be hacked in 3... 2... 1...

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This page contains a single entry by DaveH published on April 2, 2022 6:08 PM.

So true - internal peace was the previous entry in this blog.

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