ECB: The Deanonymization of Small Cryptocurrency Payments is Not Necessary
The European Central Bank (ECB) has proposed not to check transfers of small amounts made in cryptos against the backdrop of the EU’s desire to ban the anonymity of crypto transactions.
The head of the department for the development of the digital euro, Fabio Panetta, has said the owners of the digital euro will be able to bypass the anti-money laundering law (AML).
Panetta has told lawmakers in the European Parliament’s Economic and Monetary Affairs Committee:
“A greater degree of privacy could be considered for lower cost online and offline payments.”
According to him, these payments may be subject to “simplified checks to speed up transaction processing,” referring to EU rules on money laundering and terrorist financing. Panetta has referred to more detailed research based on focused discussions with EU citizen groups:
“We have explored various trade-offs between maintaining a high degree of privacy and other important public policy goals.”
The proposal, which was made by a member of the ECB’s executive board, runs counter to a plan by European lawmakers to ban privacy even for transactions involving small amounts of cryptocurrencies.
