Germany Ministry Of Finance Addresses Monero And Compares It To Bitcoin
Monero is in the news these days after Germany’s Ministry of Finance talked about the privacy-oriented coin.
Bitcoin has been referred to as a threat to the existing financial system more than once, and this is due to its decentralized nature that does not allow any central control.
Bitcoin transactions have been said to be anonymous and that’s why the crypto was used a lot on the darknet.
This seems to be changing these days as privacy coins are gaining more popularity.
Privacy coins gain increased popularity
There’s a recent report coming from the German Ministry of Finance on the risks that privacy coins are posing to the financial system and this risk is said to be greater than the once posed by Bitcoin, reveals the Decrypt report.
This is mainly due to the anonymous nature of transactions that are carried out using Monero which criminals are starting to leverage on the darknet more and more these days.
The report read the following, as cited by ZyCrypto:
“Due to the increasing popularity of Monero on the Darknet, it can be foreseen that this crypto asset, especially, will gain more practical relevance in the future in the area of securing and exploitation.”
The German government has developed an interest in cryptos recently, and they are determined to monitor transactions that are carried out using these coins.
Monero price prediction
In terms of pricing, the crypto market is governed by bulls thesedays, and Monero surged as well.
At the moment of writing this article, XMR is trading in the green, and the coin is priced at $58.69.
The coin also hopped on the 13th spot on CMC.
XMR is definitely showing an uptrend now, and the same momentum is said to continue for a while.
There are various reasons for which it’s been said the bulls came back to the crypto market and we just addressed them earlier.
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Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.