Bitcoin is continuing to climb over the past week, making over 50% gain during December. The price of BTC has gone to $30,000/BTC in the past 24 hours, reaching $29,300/BTC on the Bitstamp exchange, a Luxembourg-based exchange, up 4 times from when it started in 2020 and it is on a path of getting its largest gain of a month since 2019 May.
After the department of US Treasury proposed new crypto and bitcoin regulations, the CEO of the biggest exchanges of this world, Coinbase, has already warned that the regulations pose a significant and substantial intrusion of our privacy without any valid reason and so the crypto and bitcoin community should voice their concerns regarding the regulations with the US Treasury.
These Bitcoin Regulations Might Endanger Your Privacy
Brian Armstrong, CEO, Coinbase has a blog that posted a warning that the exchanges will have to collect the address and name of the person that is sending crypto or receiving crypto in any transaction which is worth above $3,000.He further stated that it is a significant intrusion of our privacy without any good reason and it is more onerous than what the traditional institutions of finance were held to. On 18th December, the proposed crypto and bitcoin regulations by the Enforcement network of Financial Crimes in the Treasury is all about making it easier and faster for the US government for tracking any crypto transactions.
The exchanges are required to save and store the information records of persons carrying out a transaction and give that to the government if they request so. Armstrong further stated that it is a very big and unpredictable change and the US treasury is not at all considering the amount of impact that these regulations can have on us and the customers of the cryptocurrency. The whole situation is worrying.