By Tobi Loba
John McAfee, the septuagenarian internet security guru, who is a stern cryptocurrency enthusiast and investor has recently hinted at the possibility of outlawing privacy coins and distributed exchanges.
The popular crypto investor made this known via his official Twitter handle a couple of hours ago. According to John McAfee, there will be a determined move to legally ban the use of privacy coins and distributed exchanges, but he averred that the attempt will be ineffective.
He said the laws will be toothless like the laws against Marijuana. Conclusively, he implored the cryptocurrency enthusiasts to stand by their rights to financial privacy, which no law can take away.
“Privacy coins and distributed exchanges will soon be outlawed. But these laws will have no more teeth than the ineffective laws against Marijuana. Do not abdicate your rights! You have, absolutely, the right to financial privacy. Ignore unconstitutional laws,” John McAfee shared.
Privacy coins and distributed exchanges will soon be outlawed.
But these laws will have no more teeth than the ineffective laws against Marijuana.
Do not abdicate your rights!
You have, absolutely, the right to financial privacy.
Ignore unconstitutional laws.
— John McAfee (@officialmcafee) April 7, 2020
John McAfee has been a fan of privacy coins. He has oftentimes professed their necessities via his Twitter feed. But he continues to showcase his disinterest in the first and largest cryptocurrency, Bitcoin (BTC).
What are Privacy Coins?
Privacy Coins can be termed as cryptocurrencies that hide the information of transactions of its users. In a nutshell, privacy coins hide users’ identities and the amount of digital currencies traded or held in wallets.
Bitcoin (BTC) is not a privacy coin, because Bitcoin users can be identified by their public addresses. Their transactions and wallets are also publicly visible.
However, the cryptocurrency ecosystem has many effective privacy coins, such as Monero (XMR), Zcash (ZEC), Dash and many others.