John McAfee, one of the most recognized figures in the cryptocurrency market, said that privacy coins could face a very tough battle in the future with regulatory agencies. These digital assets – such as Monero (XMR) or ZCash (ZEC) – are recognized for offering privacy features to users that transact with them.
Monero and Zcash Could Have A Tough Battle With Regulators
During a conversation with The Grimerica Show, he talked about how governments are trying to control societies and how international corporations protect their interest around the world. One of the main issues that he also discussed is related to privacy and how individuals are losing it.
At the same, Mr. McAfee mentioned that attempts of governments to create their own cryptocurrency are going to fail. It is worth pointing out that there are several countries analyzing the possibility to issue a digital asset.
He has also talked about how cryptocurrencies can be used to change the landscape that he described related to corporations and state influence in people’s lives. Mc. Afee said that governments control individuals’ lives because they control money, which is used for everything what we currently use.
On the matter, he commented:
“Currency is the key to all freedom if you think about it. Whoever controls currency controls our freedom. Cryptocurrencies are a decentralized and trustless system. It is distributed with no one in control.”
He went on saying that privacy and anonymity, which Monero and Zcash offer, are also very important features. If we add to cryptocurrencies privacy and anonymity, it is possible for people to finally have financial freedom. From that financial freedom, all the other freedoms come from, according to McAfee. This is why there are several governments trying to regulate and control the whole crypto market and virtual currency space.
He has also explained that the whole cryptocurrency industry and the blockchain concept that powers the space are things that cannot be controlled by the government.
Monero is one of the most popular digital currencies in the market and it allows individuals to protect their privacy while making transactions. When a user deals in Bitcoin (BTC), it is possible to see on the blockchain the transaction made, the wallets used and the funds moved. Using Monero, this information is hidden and nobody can check it.
Currently, Monero is the 10th largest cryptocurrency in the market with a valuation of $1.59 billion. In addition to it, each XMR coin can be purchased for $92.
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