This should probably also be tagged law, once it’s about proposed legislation.
Business Insider is not a good source for anything other than clickbait, generally. :(
Why do they still have cash then.
If you try to deposit or withdraw a significant amount of cash from a bank you’ll have to be prepared to answer questions.
Money laundering via cash is a low-hanging fruit, I had instructions on what questions to ask, who to contact etc when I worked as a teller in a Swedish bank in the early 90s.
What would it mean for Monero and ZCash (and other anonymous blockchains) users? Is using these kind of blockchains going to be illegal?
Users who would want to stay anonymous would probably scatter around and start promoting different and opposing projects depending on quircks and subtle advantages they have over each other. The effect would probably be that most of them die due to obscurity.
The majority would probably give up o cryptocurrencies, and such legislation could cause a massive loss in value, since all of trse “currencies” are incredibly volatile, that any measure against it can cause the bubble to pop and the market to crash (see 2012 banning of bt in china, it too years to recover).
So all in all pretty good, imo.