Monero (XMR) Trouble For Regulators With its Complete Anonymity Feature
- Monero makes no effort to comply with KYC/AML requirements.
- In 2014, Bitmonero, a fork of Bytecoin’s codebase, gave birth to Monero.
Bitcoin’s anonymity has been a key component of its attractiveness to new users since its launch. Still, that anonymization has grown over the years as government authorities, blockchain analytics businesses, and others have begun monitoring the Bitcoin public blockchain.
Monero (XMR) is still a popular privacy coin, even as authorities and trading platforms work hard to curb its use. In 2014, Bitmonero, a fork of Bytecoin’s codebase, gave birth to Monero.
Even though Monero (XMR) is one of the few altcoins independent of Bitcoin’s code, it has chosen not to restrict supply. Unlike previous privacy currencies, it does not make privacy an optional feature or depend on developing a second layer to be created and implemented later.
Besides the fact that they are mandatory, Monero’s privacy features distinguish it from its rivals in that they conceal who is sending money and how much it is sending. Other privacy coins, such as Zcash, rely primarily on zero-knowledge proofs when it comes to privacy.
$625,000 prize
In 2020, the Internal Revenue Service offered a $625,000 prize to anyone who could hack Monero’s privacy measures since the underlying technology is powerful.
Monero makes no attempt to comply with KYC/AML regulations, and privacy is prioritised over all things. As a result, numerous exchanges, including BitMEX and Kraken, have dropped the project. Due to its cavalier attitude toward customer due diligence (CDD) regulations, it has become the target of numerous financial authorities around the world.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
