South Korea to Ban Privacy Coins from Q1 2021

[sneakyboi]

South Korea to Ban Privacy Coins from Q1 2021

Privacy coins like Monero (XMR) and Zcash (ZEC) will become illegal in South Korea from Mar. 2021.

The news is the latest assault on encryption and privacy as regulators enact laws targeting such protocols amid intensifying anti-money laundering (AML) efforts.

According to an Asia Times report on Nov. 18, South Korean regulators are set to ban privacy coins. From Mar. 21, 2021, crypto exchanges in the country will no longer be permitted to list privacy-focused crypto tokens like Dash (DASH), XMR, and ZEC.

Learn more about the news here.

[H2O]

Ohh it's a bad news for all South Korean investors and traders because they will not use monero and zcash from March 2021.

[Fivebalance]

How will this affect DEfi? Will that be next? South Korea has a huge crypto base of traders.

[TomPluz]

Privacy coins can be the easy targets of the government regulators all because unlike the other coins like Bitcoin and Ethereum, transactions here are encrypted and not open to anyone. Bitcoin and the rest of the gang are pseudo-anonymous as all transactions are recorded forever and they can be inspected by anyone anytime. Well, there must always be a compromise. This is better than following what China did with cryptocurrency.