Europol Might Hinder Monero's Progress

[TravelMug]

Not new to us, but for Monero bagholders, you need to think twice, just saying.

• An Europol official recently found that Monero (XMR) transactions could not be traced between the sender and receiver.
• Europol is said to be looking closely at anonymous coins, which was why officials were looking at Monero. In recent years, Europol has made efforts to reduce the usage of anonymous coins, including Bestmixer which was one of the most popular Bitcoin mixing services.
• New legislation is expected to come in 2020 in the U.S. Congress which would push coin exchanges to record crypto assets’ transaction history and origins to cut down on the usage of cryptocurrencies for illegal activities.
• Monero would not be able to comply with this. The German Finance Ministry also expressed concerns about the increase of Monero usage in November 2019.

https://cryptodaily.co.uk/2020/01/europol-might-hinder-monero-progress

I myself used to have Monero back then, but when exchanges started to delisted them, I have a hunch that authorities are going after privacy coins, which has been happening for the last couple of years now.

[o48o]

*snip*

• New legislation is expected to come in 2020 in the U.S. Congress which would push coin exchanges to record crypto assets’ transaction history and origins to cut down on the usage of cryptocurrencies for illegal activities.

The fact that they haven't been able to demand transaction history before is news to me. I've always thought that any real exchange would comply with every request that officials give to them. But the question about origins has baffled me with privacy coins. I have trouble to explain the origins of my income to my bank even without privacy coins.

[Bttzed03]

I've posted something about the FATF travel rule and privacy coins

With these developments, I think we can say that government authorities believe these coins are illegal and they keep on pressuring crypto exchanges to delist them.

Pressuring the exchanges where Monero is being listed is the best way for authorities to reduce its usage but that's not going to stop their progress though. The beauty of peer-to-peer

[Ucy]

I guess Monero community/ecosystem wouldn't be bother about this if it had a robust decentralized community. A decent cryptocurrency should have the appropriate decentralized community that can handle any challenges. A robust community should probably have a safe and very decentralized way of penalizing people who truely break "good" rules/laws. In my opinion, having a true decentralized community would make things hard to abuse by the authorities.

[leea-1334]

Not news for anyone I think. If you think about it even the guys who supposedly could trace NON privacy coins like bitcoin, they admitted that exchanges plus mixers and even coinjoin wallets already made life so difficult. So you could still find a way to anonymize transactions without Monero. But Monero will stay loads of steps ahead of the game. Monero community does not need to comply to work, is that not the point?

[aioc]

I guess Monero community/ecosystem wouldn't be bother about this if it had a robust decentralized community. A decent cryptocurrency should have the appropriate decentralized community that can handle any challenges. A robust community should probably have a safe and very decentralized way of penalizing people who truely break "good" rules/laws. In my opinion, having a true decentralized community would make things hard to abuse by the authorities.

But even if they have a robust community, if bad elements in the Crypto will abuse the usage of Monero authorities will still go after the community and it's holders, Monero is facing a big challenged but it should be supported by the Cryptocommunity because they have the feature of what the goal of Cryptocurrency is, and that is to be decentralized and anonymous.

[iconoclast]

I expect that state actors will continue trying to make life difficult for Privacy Coins and use leverage that they have on regulated entities like exchanges to do it. Privacy coins will have to become much more self sufficient to survive. I think that the way forward might be something like Stegos which combines a privacy coin as well as nodes and a decentralised marketplace that exists on users smartphones. This sort of approach makes it near impossible for authorities to shut it down.

[Febo]

Monero can comply with every rules. I have no ideas why this journalist state different. He did not stated reasons for it in his article.
People on exchanges are verified. They deposit coins on the exchange and they withdraw them. There were never any laws that you must know all transaction history of every USD from the time it was printed. If transparent ledger cpytocurrenies provide that history, that is anomaly and not normal.

Monero progress will get hindered only by lack of developers. But luckily there are quite a lot of people that loves to develop for free or are wiling to donate founds to hire developers.

[CjMapope]

Not new to us, but for Monero bagholders, you need to think twice, just saying.

• An Europol official recently found that Monero (XMR) transactions could not be traced between the sender and receiver.
• Europol is said to be looking closely at anonymous coins, which was why officials were looking at Monero. In recent years, Europol has made efforts to reduce the usage of anonymous coins, including Bestmixer which was one of the most popular Bitcoin mixing services.
• New legislation is expected to come in 2020 in the U.S. Congress which would push coin exchanges to record crypto assets’ transaction history and origins to cut down on the usage of cryptocurrencies for illegal activities.
• Monero would not be able to comply with this. The German Finance Ministry also expressed concerns about the increase of Monero usage in November 2019.

https://cryptodaily.co.uk/2020/01/europol-might-hinder-monero-progress

I myself used to have Monero back then, but when exchanges started to delisted them, I have a hunch that authorities are going after privacy coins, which has been happening for the last couple of years now.

Anything they can do to keep control of our finances : /
They hate the idea of people being able to use their money how they want, they will do anything to keep that money coming to THEM
luckily: its laughable, within the next 5 years (less probably), we will be setup p2p, and centralized exchanges (the main way they control us), will be obsolete
SO: this is one time they are to little too late and its a GOOD thing

[BChydro]

Not new to us, but for Monero bagholders, you need to think twice, just saying.
I myself used to have Monero back then, but when exchanges started to delisted them, I have a hunch that authorities are going after privacy coins, which has been happening for the last couple of years now.

When you are expecting regulations in the coming years you need to understand that all the privacy coins will come under fire and it will be pushed back to the dark market as all the exchanges will be forced to delist the privacy coins and it is not the case with Monero but all the privacy centered coins and the pressure for mixers already started and it is a matter of time how long these established mixers will last.