Weiss Ratings Encourages Nations To Embrace Privacy-Centric Digital Currencies Such As Monero [XMR]

In a recent blog post by Weiss Ratings, the firm stated that governments should fear privacy-oriented digital currencies as a form of money. The degree of privacy is surprising. The firm also asked governments to warm to the non-monetary applications of the fundamental tech, added that there is a lot of potential for much-needed protection.

Privacy Is Highly Needed In The World Right Now

Governments across the globe are waging fiat currency war. They want all liquid assets to be under the covering of financial institutions. This is a major issue for a lot of people under corrupt, authoritarian regimes. Two crucial risks being an invasion of personal privacy and seizure of assets. This problem is solved by the non-monetary application of privacy-centric digital currencies.

Weiss and Villaverde’s Statement

According to Weiss and Villaverde, “Privacy Distributed Ledger Technology is tech that can ensure the privacy and anonymity of voters. Hence, the same kind of Privacy Distributed Ledger Technology utilized by Monero [XMR] and Zcash (ZEC) for protecting transactions can be used to create an efficient, fast, secure, and anonymous voting system also.”

A Cautious Adoption

The firm warns that people should be careful when using blockchain privacy tech, but they advised and recommend its adoption. The firm added that “the same blockchain privacy technology that criminals can use to disguise and obscure their activities can as well be used by citizens, firms, and governments to deny access to those criminals and encrypt data.

The firm also said that banning the use of privacy-centric tokens such as Monero [XMR] will not stop criminals from utilizing it. But adopting the technology would help governments to stay ahead in terms of innovation, safeguard democratic elections, and protect sensitive information.

Monero (XMR) Price Today – XMR / USD

NamePrice
bitcoin
Bitcoin
$8,539.970.521%
monero
Monero
$62.040.764%

At the time of writing, Monero [XMR] has moved one step higher on the list of top digital currencies in the world. The digital currency is on the 10th position with a market cap of 1.54 billion and a trading volume of $19.97 million over the past twenty-four hours. The current value of the digital currency is $95 after a decrease of less than 0.5 percent over the past twenty-four hours.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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