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Why hasn’t Monero been banned? (Is Monero really untraceable?)

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Why hasn\’t Monero been banned? After Bitcoin was banned, the value of Monero sky

Why hasnt Monero been banned? (Is Monero really untraceable?)

Why hasn’t Monero been banned? After Bitcoin was banned, the value of Monero skyrocketed to a new all-time high. According to a recent report by blockchain analysis company Chainalysis, over $1 billion of funds moved from one major cryptocurrency to another digital asset – Ethereum (ETH) – in 2019. Why hasn’t Monero been banned? Because it allows most people to freely buy, hold, and use cryptocurrencies or engage in trading activities, depending on how they want to protect themselves from the impacts of unregulated markets. (AMBCrypto)

Is Monero really untraceable?

Monero (XMR) is the largest cryptocurrency on the Monero network and has been used for money laundering and terrorism financing in the past few months. However, it seems that it is not anonymous.

According to a report by CryptoSlate, the cryptocurrency cannot currently trace fund transfers due to “opaque” regulatory requirements and, like other digital assets, has privacy issues. According to The Wall Street Journal, “despite many cryptocurrency companies claiming to offer feasibility for Monero, they have overlooked its security.” Monero co-founder and CEO Riccardo Spagni explained, “These companies use a new technology called ‘Rig’ to hide anyone they know.” Furthermore, he also stated that we can confirm that these transactions can still be conducted on a blockchain explorer and cannot be sold or exchanged for fiat currencies on darknet markets. However, if one wants to obtain information about Monero from exchanges, custodians, and other service providers, they would need to find a specialized company to authorize and incorporate it into their platforms. (Bitcoinist)

It is worth mentioning that Monero has been subject to some controversies in recent months, with the most contentious being the company’s attempts to utilize Bitcoin as a payment system. Therefore, in order to make this industry more mature and widely adopted, the project is striving to address these challenges. (Cointelegraph)

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