I don’t think anyone realizes what’s REALLY getting ready to happen very shortly. The European Parliament is rushing a vote on a new AML law targeting crypto.
If the E.U. passes this bill, we may see two different kinds of cryptocurrencies. One will be decentralized, which can’t be controlled by governments, and the other will be centralized, which can be. Oddly enough, both these types of cryptos will operate on the same blockchain.
At this very moment, every person in the E.U. can withdraw their crypto to decentralized wallets, but once this bill is passed, there will be no option of sending it back. Anyone who buys crypto on a centralized exchange will only have the option of withdrawing it to centralized wallets. It remains to be seen which wallets are genuinely decentralized and which ones will give in to the government’s tyranny.
I have always been a supporter of decentralization, and always will be. Quint, Aave, Luna, Sol, and other DeFi projects with solid fundamentals have the technology to lay the foundation for the future. Centralization is oppression; decentralization is freedom. Always keep that in mind.
P.S. The legislation passed in the U.S. could have similar outcomes. Many wallets will fail to abide by the new rules, and centralized exchanges could block you from transferring your funds to addresses associated with those wallets. I hope decentralization wins. It’s the only way out of a dystopian world.