Japanese Finance Regulator pushes to delist anonymous coins

According to Forbes the Japanese Financial Service Agency (FSA) has been contacting and pressuring the Japanese Exchanges to remove anonymous coins from their exchanges. The big three of the anonymous coins are Monero (XMR), Dash (DASH) and Zcash (ZEC). This seems to be in fear of the ease of ability to do illegal activity and launder money.

Unlike Bitcoin these anonymous coins are extremely hard or sometimes impossible to track down to a single user and makes identifying them extremely hard. Advocates for these coins essentially see their coins as a digital cash that isn’t followed by user to user and in a world of constant recording and watching a nice break.

Coincheck which is a large Japanese exchange used to have all three of the anonymous based crypto currency but after a hack in late January they no longer had them when they reopened for business.

It seems that many regulatory bodies have come to see Bitcoin and most crypto currencies as a favorable thing but they seem to have a hard time agreeing with privacy concerned coins.

We will have to see if countries start to ban these coins from being exchanged in their countries but it seems like it may not be something they can control. If they can’t trace them and the coins can be traced for other available coins it really makes it a somewhat impossible task, and this may be the reason we haven’t seen them banned but just discouraged.

-Monarch

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About the Author: Monarch

The main poster and owner of Monarchcrypto.com , I am trying to use the site to share correct information in a sea of lies and manipulation that is the cryptoworld.