Jan 17, 2020
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Europol Might Hinder Monero’s Progress

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  • An Europol official recently found that Monero (XMR) transactions could not be traced between the sender and receiver.
  • Europol is said to be looking closely at anonymous coins, which was why officials were looking at Monero. In recent years, Europol has made efforts to reduce the usage of anonymous coins, including Bestmixer which was one of the most popular Bitcoin mixing services.
  • New legislation is expected to come in 2020 in the U.S. Congress which would push coin exchanges to record crypto assets’ transaction history and origins to cut down on the usage of cryptocurrencies for illegal activities.
  • Monero would not be able to comply with this. The German Finance Ministry also expressed concerns about the increase of Monero usage in November 2019.

Some exchanges have already delisted Monero and other coins because of the inability to trace transaction information and IP addresses. Recently, some South Korean exchanges including OKEx Korea and BitBay removed Monero citing the FATF rule which says that cryptocurrency exchanges need to retain buyer and seller information for each transaction.

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