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European Union Has Plans to Restrict or Ban the Use of Privacy Coins

EU legislators are working on an anti-money laundering policy proposal prohibiting banks and crypto providers from interacting with privacy coins, according to an anonymous EU diplomat who allegedly revealed the plans to CoinDesk.

If enacted, the policy would effectively blacklist a host of popular cryptocurrencies, including Monero (XMR), Zcash (ZEC), Secret (SCRT), and Dash (DASH).

In a draft of the legislative proposal dated November 9, initially reported by CoinDesk, the body said: “Credit institutions, financial institutions and crypto-asset service providers shall be prohibited from keeping…anonymity-enhancing coins.”

The draft is believed to have been drafted by Czech officials and has since been shared among its 26 member states. As of yet, the privacy-busting proposal has yet to be made official.

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