Cryptocurrency

Cryptographers Are Always Going to Be ‘One Step Ahead’ of Regulators: Monero’s Spagni

Cryptographers Are Always Going to Be ‘One Step Ahead’ of Regulators: Monero’s Spagni: As reported by CoinDesk, “While regulators are trying to restrict privacy in crypto, their efforts may be futile, according to privacy-centric protocol Monero’s maintainer, Riccardo ‘Fluffypony’ Spagni. ‘The U.S. Internal Revenue Service (IRS) wants the same level of insight as they have […]

By Chris Sykora · October 19, 2020

Cryptographers Are Always Going to Be ‘One Step Ahead’ of Regulators: Monero’s Spagni:

As reported by CoinDesk, “While regulators are trying to restrict privacy in crypto, their efforts may be futile, according to privacy-centric protocol Monero’s maintainer, Riccardo ‘Fluffypony’ Spagni.

‘The U.S. Internal Revenue Service (IRS) wants the same level of insight as they have over digital dollars in bank accounts; however, cryptographers and researchers are always going to be one step ahead on privacy,’ Spagni told CoinDesk.

Launched in April 2014, monero (XMR) is a private, secure and untraceable cryptocurrency. The protocol allows transaction participants to obfuscate their identities and hide the amounts transferred from third parties, except for those they designate.

Riccardo ‘Fluffypony’ Spagni of privacy-centric protocol, Monero weighs in on the U.S. IRS’ recent decision to obtain a solution to trace the digital currency monero, the ‘Five Eyes’ governments and India and Japan’s call for backdoor entry into encryption, and the future for privacy cryptocurrencies.

Protocols offering privacy have become the focal point of regulators and law enforcement agencies when the race among central banks to launch sovereign digital currencies is heating up….

…According to Spagni, who was lead maintainer of Monero until he stepped down last year, regulators’ best bet is to apply controls at entry and exit points. ‘Payment service providers and merchant service providers are sorts of the points at which they can apply a degree of regulation. And that I think is feasible,’ Spagni said…”

Continue to read the full story on CoinDesk.