Should Government ban privacy coins ?

[Princeeffiong]

In my own opinion, any crypto currency that is used or caught using for fraudulent purposes should be banned.
I don't think a ban of such coins would curb any criminal activity, they will probably move on to some other coin. Those coins should be used accountably and the supply could be limited.

 

[Atif3786]

The “privacy coins” that add an extra layer of anonymity to crypto transactions are no longer welcome in South Korea. Coin brands such as Monero, ZCash and Dash will soon be unavailable at the country's exchanges, with the government citing crypto anti-money laundering (crypto AML) measures as the reason for the ban.

Post automatically merged: Feb 14, 2021

Privacy coin is defined as a cryptocurrency that hides data about its users. At a minimum, privacy coins hide identities. ... Bitcoin transactions and wallets are also publicly visible data. Nevertheless, there are many privacy coins. Zcash, Dash, and Monero are the 3 most popular options, but there are dozens more

 

[Eodine]

The government should only have to make decisions that tje citizens want so if the private coins ate not promoting online vices then i don't see the need for government intervention

 

[Niftyyem]

I wouldn't reàlly blame countries that are reluctant to let privacy coins such as monero and the likes to thrive because of the extreme decay in the society that people capitalize on to carry out different vices.

 

[BrolySSJ]

Coins like Monero are called privacy coins and has been used several times to carry out illegal activities.
Some cryptocurrency sites do not list it in their wallet because of safety concern .

Do you think that these privacy coins that offer hidden transaction should be allowed to be in existence or banned ?

I think that their use should not be banned in its entirety because privacy coins do have some advantages in the sense of like anonymous donations. So I think that their acceptance should be regulated but their existence may be beneficial in certain industries.

 

[gnasrullah53]

This ban is from Japan and France and I agree from this because this is sometimes used for illegal uses as money laundering.so that's why government take action on this.with this the use of illegal is harder for the criminals.and this is just only used for the suitable work.

 

[Bookwormlux]

Banning any coin is never a solution to whatever problem that may be associated with the said coin. Proper regulations should rather be put in place to make sure these coins are used for the right reasons.

 

[Nomad]

Consider me ignorant on this topic but the truth is I do not know much about privacy coins. However, I am a proponent of free world where government does not tell what people should do.

 

[tyrim88]

In my own opinion i think it should be ban,because the activities of these private coin that do some unethical business activity would errode the confidence that people have in the market.The best is to put a restriction on the coin.

 

[Emmy]

Well, if they should ban those private coins, maybe it would reduce some fraudulent activities practice in cryptocurrency, but does government have power over that?!

 

[Good-Person]

I do not think that the government should ban any coin. However, the government of any country can try to regulate cryptocurrencies. Unfortunately, cryptocurrencies have been proved to be the best tool for hackers and scammers all around the world. However, banning cryptocurrencies is not the answer.

 

[Bookwormlux]

In my own opinion i think it should be ban,because the activities of these private coin that do some unethical business activity would errode the confidence that people have in the market.The best is to put a restriction on the coin.

There are so many things people use crypto Currencies to do on the dark web and it has not been banned yet, so private coins shouldn't be banned too.

 

[GIFTMICHAEL]

The government shouldn't ban any coin, unless is the fraudulent coins created to scam people off their hard earned money. But its not easy regulating the coins, and controlling the market to fetch out scam projects.

 

[kay169]

No I think it a bad idea because instead of the ban reducing crime rates it will make traders unemployed and that is something that is really disturbing and bad so a big no it’s a bad idea

 

[Justin]

I don't think I have heard of the term privacy coins. But I do not agree that the coins like monero are only being used for illegal activities. Even bitcoin and ethereum can be used fr illegal activities.

 

[jeff87]

Coins like Monero are called privacy coins and has been used several times to carry out illegal activities.
Some cryptocurrency sites do not list it in their wallet because of safety concern .

Do you think that these privacy coins that offer hidden transaction should be allowed to be in existence or banned ?

Very nice question to answer. I think the answer can already be found in your question. To be frank I don't like illegal or hidden transactions. I believe this coin needs to be banned if that's the case.

 

[Bookwormlux]

No I think it a bad idea because instead of the ban reducing crime rates it will make traders unemployed and that is something that is really disturbing and bad so a big no it’s a bad idea

Better to let them be so that they do not make any more policies that would affect traders in the long run.

 

[GIFTMICHAEL]

Marjoity of the Defi coins are built with fraudulent purposes, that's why some of them got blacklisted. Their is no how government will ban it when it isn't easy to crack.

 

[Josemendez]

Marjoity of the Defi coins are built with fraudulent purposes, that's why some of them got blacklisted. Their is no how government will ban it when it isn't easy to crack.

We talk not about defi coins but the coins known as privacy coins such as Monero .their transaction are untraceable . Fraudsters uses it to hide their transactions

 

[GIFTMICHAEL]

We talk not about defi coins but the coins known as privacy coins such as Monero .their transaction are untraceable . Fraudsters uses it to hide their transactions

I believe it was created that way to serve criminals right, by operating full-time anonymously. The government should track it's progress, if it isn't worth it then the coins should be closed down.