Topic: Governments against privacy-oriented cryptocurrencies (Read 4821 times)

Anything that cannot be controlled is disturbing to governments. It is obvious that they will do everything possible to boycott the development of crypto.

From what I read, privacy coins like Monero have been banned in Japan and maybe America will do the same thing. Privacy coins may be good for users who often transact with crypto but want to remain anonymous but actually for investors it is not very influential because basically investors are more important to take profits from their investments

I agree with you and this is one of the main reasons why upcoming projects and other old projects already on the market are now introducing KYC into their systems. In the near future where governments will decide to accept cryptocurrency because they cannot stop it completely, there will be regulations on its transactions and other activities hence all privacy-oriented cryptocurrency must undergone changes in order to for governments to know who is behind any transaction.

The inception of privacy-oriented cryptocurrencies like Monero, Zcash, and Dash, has revolutionized the way we transact on public blockchains. Whereas everything is transparent in Bitcoin, privacy-oriented cryptocurrencies obfuscate sensitive transaction information. Now, cryptocurrencies like the ones mentioned earlier, have increased exponentially in price over the past years.

However, the very existence of these cryptocurrencies could be threatened over the long term, as most governments have been oppressive towards the growth of crypto and Blockchain technology in general. The US has been cracking down on exchanges and tokens with the SEC, and it's only a matter of time before it hunts down privacy-oriented cryptocurrencies too. After all, the excuse of governments is that privacy coins encourage money laundering and criminal activity. While this is true in part, their main intent is to prevent ordinary people from gaining access to fully private cryptocurrencies like Monero and Grin.

Nonetheless, it may not be long before many governments turn themselves against privacy-oriented cryptocurrencies. Since governments want power over people's transactions, a privacy coin like Monero turns the tables against them. Hence, only transparent cryptocurrencies like Bitcoin and Ethereum will survive in the long term as governments support them in every way (as it's much easier to track and tax them).

What are your thoughts about this?

From what I read, privacy coins like Monero have been banned in Japan and maybe America will do the same thing. Privacy coins may be good for users who often transact with crypto but want to remain anonymous but actually for investors it is not very influential because basically investors are more important to take profits from their investments

I agree with you and this is one of the main reasons why upcoming projects and other old projects already on the market are now introducing KYC into their systems. In the near future where governments will decide to accept cryptocurrency because they cannot stop it completely, there will be regulations on its transactions and other activities hence all privacy-oriented cryptocurrency must undergone changes in order to for governments to know who is behind any transaction.

I have also thought about this as well. In time to come government may want to accept cryptocurrency with a degree of regulation. When that time comes, privacy coins will either have to adapt quickly by changing the fundamentals of their project or be swept aside forcibly due to regulation requirements

The inception of privacy-oriented cryptocurrencies like Monero, Zcash, and Dash, has revolutionized the way we transact on public blockchains. Whereas everything is transparent in Bitcoin, privacy-oriented cryptocurrencies obfuscate sensitive transaction information. Now, cryptocurrencies like the ones mentioned earlier, have increased exponentially in price over the past years.

However, the very existence of these cryptocurrencies could be threatened over the long term, as most governments have been oppressive towards the growth of crypto and Blockchain technology in general. The US has been cracking down on exchanges and tokens with the SEC, and it's only a matter of time before it hunts down privacy-oriented cryptocurrencies too. After all, the excuse of governments is that privacy coins encourage money laundering and criminal activity. While this is true in part, their main intent is to prevent ordinary people from gaining access to fully private cryptocurrencies like Monero and Grin.

Nonetheless, it may not be long before many governments turn themselves against privacy-oriented cryptocurrencies. Since governments want power over people's transactions, a privacy coin like Monero turns the tables against them. Hence, only transparent cryptocurrencies like Bitcoin and Ethereum will survive in the long term as governments support them in every way (as it's much easier to track and tax them).

What are your thoughts about this?

The inception of privacy-oriented cryptocurrencies like Monero, Zcash, and Dash, has revolutionized the way we transact on public blockchains. Whereas everything is transparent in Bitcoin, privacy-oriented cryptocurrencies obfuscate sensitive transaction information. Now, cryptocurrencies like the ones mentioned earlier, have increased exponentially in price over the past years.

However, the very existence of these cryptocurrencies could be threatened over the long term, as most governments have been oppressive towards the growth of crypto and Blockchain technology in general. The US has been cracking down on exchanges and tokens with the SEC, and it's only a matter of time before it hunts down privacy-oriented cryptocurrencies too. After all, the excuse of governments is that privacy coins encourage money laundering and criminal activity. While this is true in part, their main intent is to prevent ordinary people from gaining access to fully private cryptocurrencies like Monero and Grin.

Nonetheless, it may not be long before many governments turn themselves against privacy-oriented cryptocurrencies. Since governments want power over people's transactions, a privacy coin like Monero turns the tables against them. Hence, only transparent cryptocurrencies like Bitcoin and Ethereum will survive in the long term as governments support them in every way (as it's much easier to track and tax them).

What are your thoughts about this?

Governments and the people in power are still shying away to accept the existence of cryptocurrency. They argue that cryptocurrency encourages illegal activities and terrorism. But in fact, cryptocurrency will assist transaction and make lives of the people easier. But no matter government comes hard on privacy coins or other coins, there is difficulties in controlling it.

Guys, one way or another, we will have to come to terms with the fact that the cryptocurrency will be under control.  Cryptocurrency users can exchange funds with each other, but buying goods using cryptocurrency will not be possible anyway, because any business is under state control and there are certain rules for entrepreneurial activity.  If there is an acute question regarding KYC and tax returns in relation to cryptocurrency, then we can not change anything.

What are your thoughts about this?