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Privacy advocates scored a big win in June when Binance announced it would reverse its decision to delist privacy coins for users in many European countries.
As a result of this move, users in Italy, Poland, Spain and France will be able to trade tokens including Zcash (ZEC), Monero (XMR), Decred (DCR), Horizon’s ZEN, Verge (XVG) and Dash (DASH). Allowed to continue. ), Secret (SCRT), Firo, Navcoin (NAV), MobileCoin (MOB), Beam, and PIVX.
Banning coins would have been a big deal, but big error. PrivacyCoin can shield individuals from financial surveillance by providing enhanced transaction security, and the cryptocurrency community should appreciate that Binance has no plans to remove PrivacyCoin from its listing. In today’s world of oversurveillance and a total lack of confidentiality to users everywhere, its importance cannot be overemphasized.
Related: Binance was wrong to launch Monero, Zcash and other privacy coins
The fungibility of these coins makes the individual units fungible and censorship-resistant, an advantage over nearly all other cryptocurrencies, and these extra layers of security and anonymity are never lost. , would be an incredible loss to the community.
Privacy coins have received a lot of attention in recent years due to a series of tough regulations coming to the fore. In fact, Binance’s decision comes on the heels of the European Union amending its controversial digital asset standards, the recent Crypto Asset Market (MiCA) regulation. It has just been signed, and in July the European Securities and Markets Authority will also begin the MiCA consultation process. There has been quite a bit of activity in this space and we may not yet see the end of what Europe has in store for the cryptocurrency industry.
But the truth is that privacy is a basic human right protected by the United Nations.UN Universal Declaration of Human Rights Article 12 state If “no one should be subject to arbitrary interference with their privacy” and “everyone has the right to legal protection from such interference or attack”, why are cryptocurrencies different? Is it necessary?
This concept becomes even more important in the digital age, when the risk of data misuse increases exponentially and tech giants have at their disposal a full range of tools to keep people out of control of their personal information.
As a matter of fact, Binance’s decision reflects a complex balance between regulatory compliance and user privacy needs, with exchanges facing different international regulations from country to country, with some countries Despite deciding to enforce stricter regulations, exchanges must always strive. Rules than others.
Related: SEC Complaints Against Binance And Coinbase Are Terrible For DeFi
As for the future implications of Binance’s decision, we could see a potential increase in demand and a concomitant development of the privacy coin sector, including the impact stemming from the severe regulatory pressures looming over Europe. Ironically, the precedent set by Binance may prompt other exchanges to reconsider their stance on privacy coins, potentially leading to wider usage, so the precedent set by Binance may is very likely to lead to wider acceptance of privacy coins. we will see
Ultimately, this week’s news draws attention to the true power of community sentiment in shaping cryptocurrency policy and regulation. “After careful consideration of community feedback, we have revised the classification of privacy coins,” said an official statement released by the cryptocurrency exchange. Read between the lines and it’s clear that the backlash they received last month was I worked.
The need for privacy in the cryptocurrency industry cannot be overemphasized. That’s why we can’t back down when it comes to fighting for privacy at every opportunity.
At its core is the community’s influence on Binance’s decisions, demonstrating its power to shape the future of the cryptocurrency industry. And we better not forget it.
The cryptocurrency community must unite and continue to fight for privacy. This forms the very foundation of Web3. And, as the Romans used to say, Ibi Semper East Victoria East Victoria East Concordia: Where there is unity, there is always victory.
Daniele Selvadei Co-founder and CEO of Sellix, an e-commerce platform based in Italy.
This article is for general informational purposes and is not intended, nor should it be taken as legal or investment advice. The views, thoughts and opinions expressed herein are those of the author alone and do not necessarily reflect or represent the views or opinions of Cointelegraph.