Why is Bitcoin falling? Bad news from the EU Parliament

This time, a negative decision came from the European Parliament, where the rule of banning cryptocurrencies working with Proof of Work was rejected in the past weeks. In the vote held today, the decision that will hit the transactions sent from exchanges to anonymous wallets was passed with 58 to 52 votes in favor. According to the decision, exchanges will have to provide the anonymous wallet information from which the transfer was made. There is a long process ahead for the rule to pass completely.

The European Parliament approved the long-debated package of rules to and target anonymous wallets transactions.

In yesterday's vote, the Committee on Economic and Monetary Policy (ECON) and the Committee on Civil Liberties, Justice and Home Affairs (LIBE) voted in favor of the amendments. According to the package of changes named “Fund Transfer regulations”; Cryptocurrency service providers, which usually consist of exchanges, will be responsible for obtaining the information of the wallets that do not belong to them and forwarding this information to the relevant institutions.

There will be one more vote, but…

According to the news in the US media, 58 voted in favor and 52 against for the changes in the voting. 7 votes abstained. The Transfer of Funds Regulation will be decided with a final final vote, but experts say they do not expect much resistance in this vote. If accepted in this vote, the bill will go to the European Commission and the Council of Europe for tripartite negotiations. These meetings will take place in April.

The same rules exist in the EU Commission and the European Council

Despite all this, the disconnection of institutions within the European Union with each other in this sense is also striking. A package similar to the accepted rules package is also in the EU Commission and the European Council, but these institutions do not request personal information from exchanges. In the rules here, the user is requested to be asked for their identity information from the wallet provider to which the transfer is made. Exchanges are not responsible for wallets unrelated to them.

It can return from the Commission and the Council

Experts say that the EU Council and EU Commission, which are much less politicized and less dependent than the EU Parliament, are likely to provide a clear resistance to this harsh package of rules. It is also stated that these two institutions are much more understanding than the EU Parliament.

Dropped Bitcoin

The result of the EU Parliament vote brought decreases in cryptocurrencies, especially Bitcoin. Bitcoin, the biggest cryptocurrency with its market value, has regressed to 45,600$ with a decrease of 2,000$ from 47,600$.

Community Sentiments

Live Comments