• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
The UN is Combating Climate Change One Block(chain) at a Time
Nexo

Nations Should Embrace Privacy Coins Like Monero and ZCash, According to Weiss Ratings

Ian Tozer by Ian Tozer
4 years ago
in Online Privacy, Altcoin News, News, News teaser
0
Advertisement
Privacy-focused coins such as Dash, Monero, and ZCash are controversial as they can anonymize criminals online. However, privacy is important as many people live under the auspices of corrupt governments where such technology represents a beacon of hope.

    Governments should fear privacy coins as a form of money. The degree of anonymity is startling. Governments should also warm to the non-monetary applications of the underlying technology. There is too much potential for much-needed protection, claims Weiss Ratings in their recent blog post written by Martin D. Weiss, PhD and Juan M. Villaverde.

The World Needs Privacy

Governments are waging a war of physical cash. They want to force all liquid assets under the roof of financial institutions. This is an issue for the millions of citizens under authoritarian, corrupt regimes. Two key risks being asset seizures and invasion of personal privacy. The non-monetary applications of privacy coin technology provide solutions.

Weiss ratings

According to Weiss and Villaverde:
Privacy DLT is a technology that can guarantee the anonymity and privacy of voters, precisely what’s essential for secure, democratic elections. Thus, the same kind of Privacy DLT that Zcash uses for shielding transactions can also be used to create a fast, efficient, anonymous, and secure voting system.
Governments should warm to the underlying technology. Privacy-coin technology can, for example:
  • Protect the privacy of personal information. We can avoid another Cambridge Analytica scandal. With the technology, the social media norms of the future would look radically different. Users own their data, and it’s protected with advanced cryptocurrency.
  • Build a solid shield against hackers. We can move sensitive data off centralized data centers. Mass security breaches will become very difficult.
  • Make government information safer. We can split classified information into thousands of pieces. We can store the information over tens of thousands of servers, spread globally.

Blanket Banning is Daft

Despite the upside, we are playing with fire. As Weiss explains, privacy coins are powerful because “they could make it next to impossible for even the most advanced intelligence agencies to know who owns or sends what, where or when.”
With privacy coins, the only information we can assess is market cap and the sum of all transactions. We can’t know how much and who is involved in each individual transaction.
But given the scope to do good, blanket banning privacy coins is daft. Especially, given it will “merely prevent it’s legitimate application while giving criminals a virtual monopoly on its illegitimate usage. The solution is more complex and controversial, according to Weiss Ratings.
“Just as citizens living under corrupt governments have valid reasons for making certain transactions in private … governments seeking to curb bad actors have valid reasons for monitoring them.
We need a mixed financial system based on choice. Either you ‘entrust your financial assets to third parties’. Or, you ‘take possession and hold them yourself,'” added Weiss and Villaverde.
In other words, diversified custodianship (or counterparty risk and centralization) spreads risk.
“If there’s a systemic failure, not all assets are frozen. It is more democratic and could be more stable. This system is fail-safe, offers more freedom, and transparency.”

A Cautious Embrace

The authors note that the public should be careful using blockchain privacy technology, but must also embrace it. “The same privacy technology that can be used by criminals to obscure and disguise their activities can also be utilized by governments, companies, and citizens to encrypt data and deny access to those criminals,” it reads.
The technology already exists. The bad actors can already use it. Nations need to leverage this technology, rather than suppress it.
Ultimately, banning the usage of borderless and anonymizing coins like Monero and ZCash would not stop criminals from using it and preventing further innovation in this area. But embracing this technology, on the other hand, could help governments stay at the forefront of innovation, protect sensitive information and safeguard democratic elections.
At the same time, global and private money would empower people living under authoritarian regimes an option to escape capital controls and economic oppression.
How should governments deal with Privacy Distributed Ledger Technology? 

Images courtesy of Bitcoinist archives, Shutterstock
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Ian Tozer

Ian Tozer

Related Posts

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

Legal Experts Reveal Regulatory Uncertainty Around Crypto Could Spike Lawsuits

2 days ago
Cryptoqueen

‘Cryptoqueen’ Has A $100,000 Bounty On Her Head Offered By The FBI

3 days ago
Three Arrows

Three Arrows Capital Gets Notice Of Default On $660 Million Voyager Loan

6 days ago
Morgan Creek

Morgan Creek Said To Be In Bid To Secure $250-M To Counter FTX BlockFi Bailout

7 days ago
Harmony

Harmony Dangles $1M Reward For Return Of $100M Stolen Funds – Is It Enough?

7 days ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

7 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.