We are losing power over our own cryptocurrency.

ecency.com

4 min

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We live in an upside-down world where, cryptocurrency is no longer ours. How is this possible, you ask, if Satoshi Nakamoto promised us total independence from the banking system?

It's simple: the banks have reorganized and gotten out of the way of money laundering, i.e. their original occupation. Yes, yes, again the bees against honey, only this time the honey is called AML.

(AML, Anti-money laundering - anti-money laundering, anti-money laundering and anti-terrorist financing).
AML is the new face of banks. "Banks" I refer here to the traditional financial system and all its managers.

Watch your hands: any transaction you make can be blocked by the mere fact that there are black dots in the history of the cryptocurrency that went into your wallet. You're carrying a bill in your hand: someone may have once ended someone's life because of it, but it's not your fault. However, in the case of cryptocurrency, you are even more to blame! First prove that it wasn't you.

What about the presumption of innocence?

The presumption of guilt reigns here, because if you are using cryptocurrencies, then you have something to hide. Repent and turn yourself in to the FATF.

(FATF, Financial Action Task Force, is an international intergovernmental organization created to develop and implement measures to combat money laundering and terrorist financing).

FATF looks you in the eye and says: we want to see all your financial transactions, because you are probably trying to launder your illicit profits.

But I am a bona fide bourgeois, I just want to use cryptocurrencies, they will object! No, no, no, first prove that you are not a drug dealer, the FATF or its servants dressed in the uniform of anti-money laundering controllers will reply. But are we drug dealers? No? Then let's throw off this yoke.

After all, what is the main purpose of a bank? It is that you manage your money not by yourself, but through third parties, and those who have the power to judge the correctness of transactions and ask: and explain yourself, dear friend, where did you get this money from and on what basis do you transfer it now? This whole ancient financial system fits into a simple formula: not your bank - not your money, because only cryptocurrency turns us into our own personal banks.

They say: we are fighting money laundering. But according to UN estimates, the banks themselves launder about $2 trillion annually. Compared to that, what is laundered in crypto is just a drop in the ocean ($22 billion for the whole year 2023). Moreover, only 0.15% of all cryptocurrency transactions are associated with illegal activities. Along with this, between 2% and 5% of traditional fiat funds are related to criminal activities.

But all these statistics are irrelevant, as your coins can be blocked indefinitely by any cryptocurrency service that doesn't like your AML score. Some will even require you to get a court order to unlock them (I'm telling you: the world turned upside down).

Title: "The Loss of Control Over Our Cryptocurrency: Unveiling the Impact of AML Regulations"

Annotation:
This analytical report explores the alarming consequences of Anti-Money Laundering (AML) regulations on the use of cryptocurrency, particularly in light of increasing scrutiny by financial institutions and regulatory bodies. Join us as we delve into the implications of these regulations and their impact on individual financial autonomy.

Keywords:
Digital assets, Financial regulations, Blockchain technology, Regulatory compliance, Cryptocurrency adoption, Financial sovereignty, Decentralized finance (DeFi), Regulatory oversight, Money laundering prevention, Financial privacy, Regulatory scrutiny, Digital currency regulations, Financial transparency, AML/KYC regulations, Cryptocurrency ownership, Regulatory challenges, Financial security, Peer-to-peer transactions, Cryptocurrency transactions, Financial integrity, Regulatory framework, Cryptocurrency governance, Financial autonomy

Rewrite:
Join us for an insightful analysis as we uncover the implications of Anti-Money Laundering (AML) regulations on cryptocurrency ownership. Explore how these regulations are reshaping financial autonomy and challenging the core principles of decentralized finance.

Hashtags:
#Cryptocurrency #AMLRegulations #FinancialAutonomy #DecentralizedFinance

Editorial Comment:
In a rapidly evolving regulatory landscape, understanding the impact of AML regulations on cryptocurrency is crucial for both investors and policymakers. Our report aims to provide clarity on this complex issue.

Disclaimer:
This investigation was conducted with urgency and requires thorough verification. The information presented may be subject to bias and potential manipulation by various parties, including regulatory authorities. Readers are encouraged to exercise caution and conduct further research before making any financial decisions based on the content provided.

Conclusion:
As AML regulations tighten their grip on cryptocurrency transactions, the loss of control over our digital assets becomes increasingly apparent. It is imperative for individuals and stakeholders to navigate this regulatory environment prudently while advocating for transparency and accountability in financial governance.

Keywords:
Cryptocurrency, AML regulations, financial autonomy, regulatory environment.

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