Arrest of Pro-Crypto Politician Eva Kaili – A Blow to Bitcoin and Its Cadets

Crypto’s fault again? – Cryptos often have a good back when it comes to scandal, but this time they are completely harmless. However, this fraud in the heart of European power could succeed in tarnishing their image. Eva Kailithe arrested parliamentarian, indeed turns out to be a pro-crypto.

Eva Kaili: the origins of a bitcoiner

And that’s where it hurts. Eva Kaili, by the simple fact of being pro-crypto, could bring down the image of the sector in her downfall. Cleverly diverted public attention perhaps? Because the fact is there. To know that even at the heart of the European Parliament, corruption is very present. Let’s go back to the thread of history from its origins.

The tragedy of the Cypriot financial crisis

Eva Kaili’s awareness comes at the very heart of the Cypriot financial crisis in 2012. As the banking system collapses, many savers are left with nothing.

“Many of my friends lost their savings due to the sudden closure of banks which ultimately did not guarantee their life savings. It was a shock for me. […] People lost their money because they trusted the euro. They trusted their banks, the banking system and lost everything anyway. […] So, I said to myself OK. If this system cannot protect us, we cannot restore trust. We have to find alternatives. »

Statement by Eva Kaili

Eva Kaili sees in the decentralization a solution to counteract the potential lack of centralized players. She then sets off in search of emerging technologies on these subjects and comes across Bitcoin. It’s 2014, and many Cypriots are looking for alternatives. The Music Producer Zhou Tonged reveals a reprise of a group sound Swedish House Mafia. He mixes the pain of his compatriots with the hint of hope that Bitcoin then represents.

“Satoshi said: don’t you worry. Don’t you worry child! Bitcoin has got a plan for you. »

Swedish House Mafia lyrics occasions by Zhou Tonged

Faced with the Cypriot financial crisis which was a shock for Eva Kaili, Bitcoin provides a solution.  An alternative that Europeans may well need if they have to suffer a similar crisis.
Bitcoin as protection against flaws in the banking system? The Cyprus crisis marked Eva Kaili

Blockchain as a solution?

Eva Kaili then campaigned for theintroduction of blockchain within voting and election systems. By automatically recording votes, the blockchain would make it possible to reduce by 90% costs, while preventing fraud. For Kaili, thepurpose of Bitcoin and blockchain technology is certainly not to burn the entire economic and political system by revolution, but rather to strengthen and improve a fallible systememphasizing processes based on trust and stability.

“Blockchain is the very definition of a trusted environment”

Eva Kaili

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Eva Kaili and the scandal in the European Parliament

It was therefore to general astonishment that Eva Kaili, then one of the 14 vice-presidents of the European Parliament, was arrested on December 10 by the Belgian authorities. The police seized 600,000 euros in cash, but also computers and cell phones belonging to Kaili, as well as three other individuals involved. It would be a matter of corruption and of money laundering in connection with criminal organizations in Qatar and senior politicians. A major scandal.

For Erwin Voloderproject manager at theEuropean Blockchain Association, it is clear that the arrest of Eva Kaili robs Europe of a strong voice from the crypto sector. She undoubtedly lobbied heavily for the blockchain ecosystem and exploring the possibilities offered by blockchains. NFT (not fungible tokens).

“At the European level, ideology can play an outsized role in how a technology or industry is perceived, especially in today’s hyper-partisan climate”

Statement by Erwin Voloder

Eva Kaili would therefore not have been too much to try to thwart this predominantly negative ideology against the sector. One thing is certain, the dismissal of Eva Kaili deprives the crypto industry of a weighty ally in the search for compromise with regard to nascent regulation, via MiCA in particular. After a drama like that of FTX, and when the regulatory pressure intensifiesit is clear that the ecosystem did not need this.

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