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Home inet "Privacy Coins" are threatened by new FATF rules

"Privacy Coins" are threatened by the new rules of the FATF

CoinsThe subset of digital currencies, called private coins, has often made it difficult for authorities to deal with criminal activity.

The cryptocurrencies, As the Monero, Zcash and Dash, allow transactions in a way that make it difficult for exchange platforms to comply with new international standards Guidelines to prevent illegal activities related to cryptocurrencies.

Some exchange platforms find it easier to stop supporting transactions with these particular cryptocurrencies, from complying with the new requirements of its management regulations risk. In August, Coinbase UK stopped supporting Zcash. A few days ago, OKEx OKEx Korea ceased to support Monero, Dash, Zcash, ZCache, Horizon and Super Bitcoin.

One researcher said that this prevents the existence of privacy coins. He predicts that other exchange platforms will cease to support these cryptocurrencies in the future.

This can lead to a big problem in the cryptocurrency market. The value of coins has fallen far. Monero has declined 30%, while Dash has declined by 40% and Zcash by 50%.

Privacy coins have often been the subject of discussion. Europol has dealt with Monero, Zcash and Bitcoin several times because of it use of criminal activity. Criminals take advantage of the fact that cryptocurrencies cannot be easily detected and use them for scams their. This means that they can be used in very serious crimes, such as the financing of terrorist acts.

"It is possible to identify some privacy coins, but there are certainly major barriers to design," said one researcher.

The developer team behind Monero said there is a view keys feature that allows them to users to monitor transactions. Therefore, there is a way of control.

Both Monero developers and other cryptocurrencies developers say they can fully comply with the Financial Action Task Force (FATF) rules.

"Dash is identical to Bitcoin and is 100% capable of meeting the requirements," said Ryan Taylor, CEO of Dash Core Group Inc.

Zcash developers stress that their cryptocurrency has a feature that many other currencies do not have. The information of the beneficiary and the sender can be attached to the transactions. Therefore, it operates in accordance with the new FATF rule.

A Zcash supporter said: "I think it is more compatible with the FATF recommendations than most cryptocurrencies out there." He also said that exchange platforms could require users to use explicit addresses in Zcash and not opt ​​for additional features security, which offer more privacy.

Privacy coins are still very popular and their supporters say that government should not be too involved in this area.

A few days ago, Binance, the largest exchange platform, announced that it would support Monero, Zcash and Dash. Binance is based in Malta, which is a member of Moneyval, a mechanism that fights against rinsing black money and is affiliated with FATF.

The FATF will check whether its Member States are implementing its new regulations. Failure to comply with them could lead to the closure of exchange platforms.


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Absent Mia
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