Is Bitcoin facing a ban in the EU? New regulation could make cryptocurrency illegal

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Bitcoin is enjoying increasing popularity worldwide, including in Europe. But a new legal regulation could suddenly make the mother of all cryptocurrencies illegal. While the US is already presenting plans for a strategic crypto reserve, the situation in the European Union is quite different.

Bitcoin is becoming an increasingly important topic for governments, as the global adoption of the cryptocurrency is forcing governments to react. Alexandre Stachtchenko of Paymium recently warned that Bitcoin could be declared irrevocably illegal in Europe. According to the expert, this is due to the current draft law on the EDPB guidelines on the processing of personal data using blockchain technologies.

https://x.com/stachalex/status/1919300723088499077?s=61

The problem is that public keys are recognized as personal data in the context of these guidelines. Accordingly, they would have to be deleted, which is not possible with Bitcoin, a transparent blockchain. The EDPB had already made it clear in advance that "technical impossibility cannot be invoked to justify non-compliance with GDPR requirements." Consequently, Bitcoin could be declared illegal because it does not comply with the guidelines of the current version of the draft law.

This warning sounds very drastic and, if the expert's thesis proves to be true, could have a significant impact on Bitcoin's price development. However, there have been repeated legislative proposals from Brussels in the past that could have potentially caused problems for cryptocurrencies, but ultimately never came to fruition.

Furthermore, from a purely investor perspective, it should be considered that even a ban on cryptocurrencies like Bitcoin in Europe doesn't necessarily have to lead to a price debacle. The best example of this is the developments in China. There, the ownership, mining, and trading of cryptocurrencies have been severely restricted since 2021, and it is now completely prohibited to hold such assets. Nevertheless, the Bitcoin price has performed tremendously since 2021, even though more than a billion people no longer have legal access to the asset.

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