“Most recently, privacy coins have attracted increasing attention in the public debate as non-privacy cryptocurrencies, such as Bitcoin, do not satisfy some users’ demands for anonymity,” according to a study last year by the Journal of International Financial Markets, Institutions and Money.
However, privacy coins have also become popular for ransomware payments, criminal transactions on the dark web, and money laundering.
The Journal study noting that “non-privacy coins may be the first choice for criminals who might prefer cryptocurrencies exhibiting both a high level of anonymity and liquidity.”
“Another reminder that advocating the use of Monero to EVADE taxes will get your post removed and lead to temp bans,” another commenter said.
Another Reddit chat considered a provision to prohibit private cryptocurrencies in India.
“Private cryptocurrencies are the first and foremost to be targeted by any nation, even the western ones will be trying to crack down on them,” read another comment. “It’s only logical. Invest at your own risk, guys.”
“So they will punish people that are using Monero but when you use Monero your transactions are untraceable lol,” one person said. “Good luck with that India.”
