- Monero transactions are untraceable.
- Government officials regard privacy tokens as a bigger threat than BTC.
- Monero proves that privacy shouldn’t be an opt-in solution.
Monero News Today – Every individual values privacy and crypto users aren’t left out. No wonder privacy digital assets have been in play for some time now. These offerings do not require user KYC details. However, it seems the tide is changing and things are turning against privacy tokens. According to recent reports, privacy coins have been the latest thing in the crypto space to come under plenty of scrutiny.
Per the report, Europol has been keeping a close eye on the developments relating to privacy tokens because they are impossible to trace or even analyze. One of such tokens and probably the best of that category of crypto assets is Monero. After a critical analysis of digital currencies, government officials have concluded that even though they see BTC as a threat, they see privacy tokens as an even bigger threat. This is obviously as result privacy coins can’t be traced.
Europol Officials Worry over Their Inability to Track Monero
The current scenario with privacy tokens shouldn’t come as a surprise. The reason is that digital currencies that tend to place anonymity first will typically receive plenty of negative attention. Hence, the current debacle surrounding Monero. According to Europol officials, Monero remains the biggest issue in this department. It has so far been unable to track transactions on the network.
In fact, one recent investigation by Europol shows how difficult it is to seize Monero. Specifically, the culprit in that investigation made use of a combination of Monero and Tor to carry out their schemes. While Tor doesn’t do anything to hide tracing of crypto transactions, Monero is absolutely private. It is anonymous by default. Europol investigators weren’t able to track the funds. They couldn’t unmask the IP that was hidden by Tor. Even a thorough Blockchain analysis conducted by some firms couldn’t find any traces of the transactions done on Monero due to the protocol’s native anonymity solution.
Monero Proves That Privacy Shouldn’t be Just an Opt-in Solution
While the companies involved can trace tokens like Bitcoin and Ethereum, for privacy coins things are different. The moment funds are sent to the Monero network (no matter the means in which the transfer happens), criminal investigations will always hit a wall due to the fact that the network is untraceable and something that worries Europol officials.
On the other hand, this privacy capability is the strength of the Monero protocol and a primary reason why privacy shouldn’t be an opt-in solution. It is also proof that privacy features must be provided to all crypto users by default.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.
