US Government Decides to Track-down Privacy Coins

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The Department of Homeland Security in U.S. has shown enough interest in tracking the privacy coins like Monero and Zcash. It is stated that these particular types of coins that is the privacy coins are much more private than the Bitcoins and poses a much larger threat to the law enforcement. This is due to the belief that these cryptocurrencies involve illegal activity that cannot be tracked easily. The rise and use of the Cryptocurrency in the recent times is due to the cypherpunk movement that stood for the fact that privacy is a right. Furthermore, the movement states that privacy is necessary for an open society in the digital age. It requires the transactions that are anonymous empowering individuals to reveal their identity only if they want to.

There are a lot of Cryptocurrency projects that are introduced each year but a fact still persists on the most used Cryptocurrency that the law enforcement could very effectively track down Bitcoin that has led the extensive rise of the other privacy focussed projects. One of those projects is Monero, created in April of 2014. Monero, unlike Bitcoin, boasts of anonymous transactions in its true sense. In the first half of 2018, Monero was also used in almost half of the Cryptocurrency ransomware attacks that accounts to 44 percent. Similar to Monero, another type of privacy coins named Zcash have emerged offering the users “shielded” transactions that are focused on privacy. Strikingly, Zcash claims to be free of any criminal activity and have hosted several virtual meetings with the law enforcement agencies to commence a discourse about the issue.

The September 11 attacks has led The Department of Homeland Security to focus on the public security in general and afforded a generous budget which as of 2017 was over $40 billion. The DHS has shown enough interest in tracking the privacy coins taking into consideration that they could be used in terrorism or money laundering posing threat to national security.

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