You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services.
This could open a number of unintended consequences for cryptocurrencies, including more centralization among cryptocurrency exchanges and marketplaces.
and EU were moving toward more friendly regulations for cryptocurrencies, but this would undercut some of the ability for the industry to innovate and develop.
One detail that’s getting a lot of attention is the fact that transactions over 1,000 euros in value would need to be reported to authorities, even if they’re coming from someone who doesn’t live in the EU.
What’s interesting about the market’s reaction is that values did bounce back in the last half day or so and seem to be holding up relatively well.
I am not going to read too much into this current law and will watch as lawmakers decide what to do, because cryptocurrency is growing and lawmakers and users alike are going to have to grapple with how to grow most effectively.