I believe people get worried too much and forget to remember that cryptocurrencies were created to increase people's freedom. Not realizing this at first is a tremendous mistake.
First came the coin, then exchanges. So, why are people getting panicked when the European Union wants to ban private coins? They can do whatever they want, but the reality is that people will continue to use and embrace them.
One thing that will make people continue to use private coins is their importance in the world. Privacy is a human right, and people deserve to use it accordingly. When someone chooses to use their money without people snooping around to see how much they have, they chose that way.
They are free to do whatever they want with their money, and if the European Union doesn't want that for their people, they have something wrong against people's rights. If they allow people to build houses, put walls and fences on them to protect their privacy, why at the same time deny them the right to use their money the way they want?
They aren't doing anything wrong—they are using their money in private mode, and with that, being secure from many problems that a transparent address can bring. Nowadays, people are getting targeted for using crypto, and with all those KYC things on exchanges, people are getting connected to their crypto addresses.
It's stupid to believe that a centralized exchange can protect users’ privacy and also believe that their info is secure with them. Nothing is protected on KYC exchanges, and at any time, people’s data can get leaked. What is more dangerous than that? Being banned in Europe or getting info leaked?
I bet that info leaked is more dangerous than getting banned. After all, your information is vital, and with it, no private coin can protect you. So, if the European Union wants to ban private coins, let them do that. Maybe by doing that, people will understand that we need more decentralized exchanges operating on protocols that are open source, to avoid losing coins abruptly, as people can verify all transactions to see if they have malicious code.
The cryptocurrency industry was once a beautiful place, where users could transact between themselves in a P2P way without worrying that it could be exposed. People should start thinking about becoming more independent of these centralized exchanges, as they contribute the most to these bans. These are companies that move a lot of money and are linking private coins with their bad businesses.
Cryptocurrency exchanges are gamers and fight to make more money than others, and in the process, use private coins to lure the regulators. It’s not a privacy coin problem, but a people problem. People used to launder money even before the time of crypto and private coins, and until today, fiat is the most used currency to wash money.
So, if the European Union wanna ban private coins, go ahead—but the movement won't die, ever!