Wednesday, February 21, 2024 ▪
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Binance’s announcement on February 20th to delist Monero exploded like a bomb. Behind this technical decision lies a relentless power struggle between supporters of anonymous cryptocurrencies and states seeking to ban them. Monero has become a symbol of this ideological struggle with huge stakes.
Cryptocurrency Monero angers regulators
Monero, whose transactions are impossible to trace, represents a regulator’s nightmare. Its privacy technology prevents tracking of the flow of funds, unlike Bitcoin, for example. Opponents say this will make it easier to launder money and finance illegal activities.
As a result, some governments, such as the US and UK, have decided to crack down by forcing exchanges to delist anonymous cryptocurrencies. Binance finally bowed to pressure and banned Monero on February 20th.
But enthusiasts of private currencies complain of censorship and violations of personal freedoms. The battle has only just begun.
Toward a complete ban?
Binance’s delisting of Monero is likely just the first step. Most experts believe that regulators will view anonymous crypto as a systemic threat and eventually ban it completely.
Since these decentralized currencies are inherently beyond the control of nation-states, questions remain about how to technically implement this.
Some states may sanction the possession of Monero, while others may ban its use within their territories. Radical measures that will cause protests among crypto enthusiasts who are already up in arms.
If a blanket ban is enacted, it could encourage the creation of untraceable alternatives to Monero or the emergence of parallel crypto networks that are beyond the reach of regulators. In short, the war is not yet over for the states.
The outcome of this war remains uncertain
It is difficult to predict the outcome of this relentless tug of war between regulators and anonymous cryptocurrency enthusiasts. States have powerful tools to coerce ecosystem actors. But history shows how difficult it is to eradicate decentralized technologies.
Whatever the outcome of this battle, it would have had the benefit of provoking a fundamental debate. Should anonymity be sacrificed for security and control, or should it be defended as an essential political right? Beyond Monero, the entire philosophy of cryptocurrencies is being questioned.
Monero's stealth and undetectable technology has challenged regulators who see it as a threat that must be eradicated. The delisting by Binance appears to be just the first step towards a strict ban on anonymous cryptocurrencies. But these recalcitrant currency proponents will not surrender without a fight. The war has just begun.
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Adapt to society and live a safe life to survive in universities around the world. Community managers manage the underlying cryptocurrencies and work on blockchain and its development. Passionately consider experience and fair management in the domain, article information and how to terminate the contract.
Disclaimer
The views, ideas and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Please do your own research before making any investment decisions.
