Privacy protocol projects are pushing back against Dubai's new regulations that include a ban on privacy coins.
“Our company is very pro-regulation, and having a clear framework by which to operate in will only strengthen the industry...This news is potentially significant for growing digital currency payments, as the government is showing that they are protecting consumers, as well as vendors."
“Think of privacy coins as you would think of US dollar bills that have nearly been passed from one person to the next, making it impossible to track their owner. This presents a unique challenge as allowing them, may enable illicit trade.” "By banning ‘privacy coins’ instead of engaging to understand the technology, regulators are demonstrating that they aren't really working on behalf of the public, for whom privacy is a basic human right."
"There is no such thing as a ‘privacy coin.’ There are technological systems like Bitcoin where transaction information is disclosed to everyone whether a user wants it to be or not, and technological systems like Zcash where users have control over who they disclose their transaction information to," he explained.secure a license from VARA
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