Cryptocurrency Q&A
Why is Monero illegal?
Why is Monero illegal?
BitcoinBaroness
Thu May 23 2024
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6 answers
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Could you please elaborate on why Monero is considered illegal? I'm curious to understand the legal implications surrounding this cryptocurrency and why it's not widely accepted or recognized in some jurisdictions. Could you provide some insights into the specific laws or regulations that make Monero illegal, and how these might differ across different countries? Additionally, I'm interested in knowing if there are any potential risks or consequences for individuals or businesses who use Monero in these regions.
6 answers
Ilaria
Sat May 25 2024
XMR, as a cryptocurrency, strives to replicate the characteristics of cash, paralleling Bitcoin in its aspirations. This similarity extends to the privacy-enhancing qualities inherent in both currencies.
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Stardust
Sat May 25 2024
However, Monero distinguishes itself from Bitcoin by introducing intricate mechanisms that obfuscate its blockchain, rendering it virtually indecipherable. This approach marks a stark contrast to Bitcoin's transparent ledger.
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DiamondStorm
Fri May 24 2024
The enhanced privacy features of Monero have led to accusations of facilitating illegal activities on the internet and darkweb. Critics argue that the lack of transparency makes it an attractive option for those seeking to conduct transactions anonymously.
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DaeguDivaDanceQueenElegance
Fri May 24 2024
Despite these criticisms, Monero remains a popular choice among those who value privacy and anonymity in their financial dealings. Its unique properties allow users to conduct transactions without revealing their identities or the nature of their dealings.
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EthereumLegendGuard
Fri May 24 2024
BTCC, a UK-based cryptocurrency exchange, offers a comprehensive suite of services catering to the diverse needs of crypto enthusiasts. Among its offerings are spot trading, futures trading, and a secure wallet solution.
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