Lately there’s been a lot of buzz in the US about potential legislative changes that might affect crypto users. A lot of governments have talked about anti-money laundering practices, but that limits privacy. What kind of vulnerability does the incognito project (or other privacy crypto projects like monero) have to government legislation?
Crypto Legislation
4 Likes
the biggest general vulnerabilities would probably be a lack of decentralization and a delisting of privacy coins on centralized exchanges.
however afaik the only centralized components of incognito chain are the provide-function(will be removed anyways, so not really a problem) and maybe some bridges(am not up-to-date with the current state of every bridge,so can’t say for sure).
since you also mentioned monero:
the only problem would be a delisting in centralized exchanges. but they’re working on triptych, which will enable atomic swaps. So at worst it’s only a temporary vulnerability.
5 Likes
You and I are the liability… the US will almost certainly (they have mentioned already) address what they call “mixers”… who they could argue Incognito functions as
It’s based in Vietnam, so no direct jurisdiction… yet, if u personally use dollars to buy or sell, and or use networks routed thru the US or in any other way you r under their jurisdiction this would almost certainly force u to report what u have, interest earned, profits after transactions etc…
Actually now u can download your CSV file with ur activity.