WATCH OUT! US govt may soon crack down on privacy-centric coins

[Henrikbliss]

The US government might be looking to follow their Japanese counterparts in tackling the use of privacy coins for making transactions within the country.

In his testimony to the financial services subcommittee on Terrorism and Illicit Finance this week, Robert Novy, the deputy assistant of the US Secret Services Office of Investigations implored the Congress to introduce tougher regulations in order to prevent criminal use of Privacy cryptocurrencies.

He elaborated on concerns surrounding the use of cryptocurrencies within criminal organizations citing cases of fraud and money laundering:

“The growing illicit use of digital currencies risks undermining the effectiveness of existing U.S. laws and regulations, especially those intended to limit the ability of criminals to profit from their illicit activities … One of the greatest emerging threats to U.S. national security is the illicit use of virtual or cryptocurrencies.”

Read More On "US Secret Service: Privacy coins poses as threats to national security": https://news.bitzamp.com/us-secret-service-privacy-coins-poses-as-threats-to-national-security/

[btyco]

They are threatened by everything to do with crypto, it is decentralised and they have no control over it. Privacy coins are even more fearful, they can't even monitor it! Demand will always be there so stock up on more privacy coins to maintain your freedom

[serggg]

The fight against terrorism is an inevitable task for any state. The only question is whether the US does not cover up the desire to strengthen its financial hegemony behind this struggle.