Binance CEO: India’s Insane Anti-Crypto Bill Will Pump Monero and ZCash – Yahoo Finance

Privacy coins like Monero and ZCash will gain favor in the face of the reported crypto ban in India, Zhao says. | Source: REUTERS / Darrin Zammit Lupi

Privacy coins like Monero and ZCash will gain favor in the face of the reported crypto ban in India, Zhao says. | Source: REUTERS / Darrin Zammit Lupi

Privacy coins like Monero and ZCash will gain favor in the face of the reported crypto ban in India, Zhao says. | Source: REUTERS / Darrin Zammit Lupi
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="By CCN: The CEO of Binance cryptocurrency exchange, Changpeng Zhao, has predicted that India’s proposed anti-crypto bill will spur the adoption of privacy coins such as Monero and ZCash in the country.” data-reactid=”22″>By CCN: The CEO of Binance cryptocurrency exchange, Changpeng Zhao, has predicted that India’s proposed anti-crypto bill will spur the adoption of privacy coins such as Monero and ZCash in the country.

Monero

Monero

Binance CEO expects privacy coins to flourish in India

Zhao, who runs one of the world’s largest cryptocurrency exchanges by trading volumes, hinted that such a development would be highly significant monumental noting that around 20 percent of the global population resides in India.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="As earlier reported, the draft anti-crypto bill proposes a 10-year jail sentence for anyone who directly or indirectly mines, generates, holds, sells, transfers, disposes , issues or deals in cryptocurrencies in India. This effectively outlaws not just cryptocurrency exchanges and bitcoin mining operations but also individuals from possessing crypto.” data-reactid=”37″>As earlier reported, the draft anti-crypto bill proposes a 10-year jail sentence for anyone who directly or indirectly mines, generates, holds, sells, transfers, disposes , issues or deals in cryptocurrencies in India. This effectively outlaws not just cryptocurrency exchanges and bitcoin mining operations but also individuals from possessing crypto.

Monero and zcash – full anonymity and privacy

In predicting that India’s anti-bitcoin bill will lead to privacy coins flourishing in the country if passed, CZ, as he is popularly known, is partially right. Yes, Indian cryptocurrency users may flock to the likes of Monero and ZCash. This is because these coins their transactions will be hidden from government oversight and thus giving users immunity from prosecution.

While private, transactions involving Bitcoin and other non-privacy focused cryptocurrencies are not anonymous. This anonymity has especially been eroded with the growth of blockchain tracking and analysis firms. These firms are used by among others by law enforcement agencies in inferring the identity of those behind cryptocurrency transactions of interest.

Monero

Monero

How Bitcoin transactions are tracked | Source: Kevin Perlow

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Read the full story on CCN.com.” data-reactid=”54″>Read the full story on CCN.com.

Recommended

Ripple

Recommended

Cryptocurrency Bubble


Blockchain Revolution