An Overview About Privacy Coins in 2021: What’s Ahead?
Maybe some people still believe it, but Bitcoin isn’t really anonymous. Indeed, isn’t anonymous at all: all the transactions in this currency are recorded in a public —and widely-available-online— ledger. Tracking the funds and the parties behind them isn’t that hard, and that’s why privacy coins were created. The privacy coins are cryptocurrencies with in-design […]
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South Korea is to ban crypto exchanges from handling digital assets it considers “dark coins”. Regulator Financial Services Commission (FSC) is specifically targeting privacy coins such as dash, monero and zcash. ● The ban is with effect from March 2021. In an update to crypto regulations under the Special Payments Act, the FSC accuses privacy coins of facilitating money laundering activities. ● It says that transactions involving privacy-oriented coins like monero (XMR) or zcash (ZEC) are hard to trace for law enforcement agencies, including the Commission itself.....
Following the U.S. government prohibiting the use of the ethereum mixing service Tornado Cash, the crypto economy’s top privacy coins lost more than 8% in USD value the following evening after the ban announcement. The top privacy coins like monero and zcash managed to recover the losses two days later, but during the last 24 hours, the top privacy coins by market capitalization today are around $6.44 billion, down 3% from the day prior.
While the Top Privacy Coins Have Seen Some Recovery, Most Took a Market Beating Last Week When OFAC Sanctioned the Crypto Mixing Service....
Privacy coins remain a bone of contention when it comes to governments trying to regulate crypto transactions but that has not diminished their popularity. As more blockchains become easier to track, crypto investors have moved to privacy coins in a bid to better conceal their financial footprints. So as the popularity of these digital assets […]
In 2020, The CEO of exchange platform Coinbase Brian Armstrong made two important predictions for the crypto industry. First, he predicted that privacy coins will gain more relevance in the coming years. Second, those regulations are cryptocurrencies’ greatest threat. So far, his predictions seem to be right on track. Privacy coins are tools use by […]
The price of Zcash is recording one of the most astonishing rallies in the crypto market despite the ongoing bearish conditions. Over the past few weeks, we have seen a resurgence in the privacy narrative. Zcash (ZEC), one of the oldest and best-known privacy coins, is up by about 700% since September. The pump in recent days is notable, as it comes at a time when the entire crypto industry is being dragged down due to Bitcoin’s decline towards $100,000. It raises the question of how Zcash is managing this performance, and there are different theories on social media as to why this....