Monero (XMR) Might Survive The New Regulations That Could ‘Kill’ Privacy Coins
Monero (XMR) is maybe the most popular privacy coin in the cryptocurrency market. Unfortunately, it might be affected by the new regulations targetting privacy coins, but it will survive. Other such cryptos might not be as lucky.
Many crypto enthusiasts see privacy coins as genuine cryptocurrencies and the future. And that because privacy coins represent the definition of cryptos – decentralized assets.
New regulations might ‘kill’ privacy coins
But, due to stricter and stricter regulations, some crypto exchange assets would soon refuse listing privacy coins, Monero (XMR) included. The best example is the decision of Coinbase UK to delist Zcash (ZEC), reportedly due to regulatory issues.
On the bright side, Binance Lending rolled out support for crypto loans with privacy coins, including Monero (XMR) and Dash (DASH), as well as ZCash (ZEC).
But more and more analysts and crypto enthusiasts predict the ending of privacy coins due to new regulations. That because stricter rules for crypto exchange platforms would conduct to increasingly more delistings.
“Privacy coins are on their way out. Anything that facilitates money laundering/tumbling simply will not survive,” said Galgitron, a crypto enthusiast on Twitter.
Also, Jesse Spiro from Chainalysis Inc said that the new changes in regulations “are certainly seen as creating a huge hurdle to the existence of privacy coins.”
Monero (XMR) might survive the new regulations
Monero (XMR) blockchain holds no history of transactions, so the privacy coin might easily be used in illegalities.
However, Monero team said that the network possesses “view keys” features, allowing account holders to review their XMR transactions. That makes it “less of a black box than often depicted,” as Monero team said to Bloomberg in an email.
Dash (DASH) might also survive the new regulations. “Dash is identical to Bitcoin and is 100% capable of meeting the requirements,” said Ryan Taylor, head of Dash Core Group Inc.
At the time of this writing, Monero (XMR) trades at 76.68 USD, and it is the 12th crypto in the market, by market cap.
Coinbase is a digital currency exchange headquartered in San Francisco, California.