For a time, they were used as tools for the lawless considered to have crypto-currencies have a long way to go. The same can not be said of Privacy Coins, who are proud of their privacy to improve, are features.
Governments and international organizations around the world to continue to be careful with crypto-currencies like Monero and Zcash, wherein the Coins for the privacy of struggling with the perception that they facilitate illegal activities. Jerek Jakubcek of Europol is the youngest, said to Monero and Privacy Coins.
During a recent Webinar on the Blockchain Alliance on the topic of Privacy Coins Jakubcek, a strategic Analyst at Europol highlighted the difficulties in tracing and analysis of Monero transactions. Citing previous research, the Analyst claimed that the Suspects use a combination of Tor and Monero, your hide your IP address and remove any and all traces of the transaction history. “We have reached the end of the path,” claimed Jakubcek.
The analysts of Europol, added:
What ever happened on the Bitcoin Blockchain, was visible and, therefore, we were able to come quite far. But with the Monero Blockchain our investigation ended. This is a classic example of one of several cases in which Suspects have decided to move funds from Bitcoin or Ethereum Monero to.
It is important to note that the views of the analysts are those of Kevin O’connor, Compliance and Enforcement Officer at FinCEN, very similar. During a recent panel discussion, he said:
Stock exchanges, the offer Monero, are not able to answer the question, who is the Person on the other end of the Monero transaction. This is a significant Problem. If you can’t answer the question, you can’t tell me that this Person is Kim Jong-un or North Korean actors.
But Monero transactions are not really traceable? This is a question that is still up for debate. According to Justin honor Hofer, one of the prominent member of the Monero community:
It depends on what you’re looking for. Nothing is perfect, but Monero provides very strong data protection for all users.
However, this is not the first Time that the European Union Agency for law enforcement cooperation with crypto-currencies. Recently they held a conference for crypto-currency experts, in order to strengthen the cooperation between law enforcement authorities and the private sector. In fact, Europol was used for laundering at the completion of the TRANS-national money-services involved in the crypto-currencies.
The impact of the observations of the analysts are revealing. Jakubcek’s statement, although what Monero claims to offer its users, as supplemented, also shows what could be a difficult future for the Privacy Coins. Reddit user u/soulfuel1 articulated this Dilemma and commented:
Moneros privacy is fantastic. This does not mean, however, that it is a good investment. With all the news about the forthcoming regulations in the United States and the concern the coins for the privacy, it seems that they are declared illegal. This would mean that you can’t buy a Fiat over a normal centralized exchange.
This is a very legitimate concern, because recently a number of South Korean crypto-exchanges have set the price of Monero and other Privacy Coins citing the FATF rule for travel. The travel Directive requires, according to the FATF, that the crypto-currency exchanges need to keep both the transaction data of the buyer and the seller page.
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