Saturday, November 28, 2020
No menu items!
  • News
  • Blockchain
  • Cryptocurrency
  • Contact Us
More

    Privacy Coins Such As Monero (XMR) Would Be Impossible To Ban –Copenhagen Business School

    Must Read

    Bitcoin (BTC) Will Be Bigger Than Apple, Amazon, and Facebook –MicroStrategy CEO Michael Saylor

    The chief executive officer of MicroStrategy, Michael Saylor, has highlighted the reason why his company decided to purchase hundreds...

    This New Proposal Suggests How Ethereum Would Transition into PoS without Unnecessary Complexity

    As the much-anticipated upgrade of the Ethereum network to proof-of-stake (PoS) protocol draws near, developer Mikhail Kalinin has published...

    CEO of Global Macro Investor Raoul Pal Says He’s Developing an Interest in XRP

    The founder/CEO of Global Macro Investor and Real Vision Group, Raoul Pal, has some hours ago stated that he’s...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    Going by a study published in the Journal of Information Technology, it would be nearly impossible for regulators to ban privacy coins such as Monero (XMR), due to their anonymous and decentralized nature.

    The research report that was centered on the popular privacy coin Monero (XMR) was compiled in conjunction with the Applied Research and Innovation team at Trilateral Research.

    In privacy coins, payments are untraceable and users remain anonymous unlike other cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

    While Bitcoin transactions can be linked to a user’s address, Monero (XMR) preserves the identity of its users with an obfuscated public ledger.

    Read Also: Monero (XMR) To Be Listed On Bitrue Exchange

    Privacy Coins Could Be Unstoppable By Regulators

    Explaining the challenges that regulators have to face in an attempt to stop privacy coins, Rob Gleasure, a Copenhagen Business School researcher said:

    “If decentralized privacy-preserving cryptocurrencies become popular in the future, to the point they can be routinely exchanged without users having to convert to other currencies and systems, there is no obvious way for regulators to impose post-hoc regulation.”

    Gleasure believes that those who have the code control the rules, “What the regulators do not realize is those who control the code will control the rules. So far, they have not accepted this and are in denial.”

    In a conversation with a cryptocurrency news outlet, Crypto Briefing, Trilateral Research’s Dr. Robin Renwick shared his thought on the role privacy coins will play in the future of cryptocurrency as a whole:

    “I think it’s possible that governments will try to outright ban any cryptocurrency that attempts to provide a level of privacy above the current ‘status quo.’ This will ensure that privacy-preserving currencies become the route for protest against the incumbent financial system. Don’t forget that privacy infractions and violations have become the mainstay of the financial system.”

    Renwick added that once regulators understand the dangers of transparent coins like BTC and ETH, there would be wider adoption of privacy coins “much like how users are starting to realize the nefariousness of [Big Tech companies like] Facebook and Google.”

    Read Also: Chainalysis and Integra FEC Are Awarded $625,000 by IRS for Cracking Monero (XMR) Privacy

    Monero (XMR) Is the Major Focus of Regulators

    In early September 2020, the United States Internal Revenue Services (IRS) promised to pay up to $625,000 to whoever could successfully break the privacy wall of Monero network. This shows the stern interest of regulators in privacy coins such as Monero (XMR).

    About a week ago, the privacy wall of the cryptocurrency once again proved difficult to break after being targeted with Sybil attack.

    Speaking about the increase in popularity of privacy coins, Justin Ehrenhofer, a community lead for Monero said:

    “Regulators and compliance professions should soon realize that Monero is not the only project that offers useful privacy features. Other ‘privacy coins’ offer intrinsic or opt-in privacy enhancements that they need to be prepared for. Even Bitcoin and Ethereum, which are widely-supported, are adopting new privacy enhancements. These technologies can no longer be ignored.”




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Bitcoin (BTC) Will Be Bigger Than Apple, Amazon, and Facebook –MicroStrategy CEO Michael Saylor

    The chief executive officer of MicroStrategy, Michael Saylor, has highlighted the reason why his company decided to purchase hundreds...

    This New Proposal Suggests How Ethereum Would Transition into PoS without Unnecessary Complexity

    As the much-anticipated upgrade of the Ethereum network to proof-of-stake (PoS) protocol draws near, developer Mikhail Kalinin has published a new proposal that is...

    CEO of Global Macro Investor Raoul Pal Says He’s Developing an Interest in XRP

    The founder/CEO of Global Macro Investor and Real Vision Group, Raoul Pal, has some hours ago stated that he’s developing an interest in the...

    Ripple Seeks To Hire Chief Economist to Help Manage Its Trove of 54,642,632,616 XRP

    According to the recent job listing, Ripple, the San Francisco-based cross-border payment platform is seeking to hire a chief economist to help devise a...

    Cardano’s Goguen Era Progresses to Its Full Implementation with This Development Update

    According to the recent rollout update made available by two Cardano (ADA) project managers, the much-anticipated Goguen era is progressing to its full implementation. The...

    More Articles Like This