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If the EU actually wanted to "take down" ethereum then they have a few avenues they could take. I think it is technically already illegal for EU citizens's dat
by Duralias 5y ago
If the EU actually wanted to "take down" ethereum then they have a few avenues they could take.
I think it is technically already illegal for EU citizens's data to exist on non-EU blockchains, so a legal cryptocurrency could only exist within the EU or any country with a data-sharing agreement (which I do not think currently includes the US right now).
So just listing things they could do:
Make it illegal to host the data/be a validator would relegate crypto to something that is only used for illegal purposes.
Write into law that GDPR still applies to blockchains, the validators cannot stay anonymous so they either remove the data from the blockchain or get police knocking on their door.
Any other use that this would be illegal so could never be used for anything legal inside the EU, lowering it down to a similar priority as piracy, being effectively neutralized, aka not affecting the majority of EU citizen.
- kyruzic 5y agoYou can make up all the laws you want, you aren't blocking access to eth.
- Duralias 5y agoNot many ways you can convert crypto into money if the banks aren't in on it, or allowed to be in on it. But for every other use of ethereum it is definitely harder to block, not that there are very many other uses right now. And EU could just block those NFT trading websites, making it all annoying enough to use that most non-super enthusiasts wouldn't bother, because while you cannot completely block something, you have effectively succeeded if the vast majority of your population cannot be bothered.