A Monero committee member has refuted recent allegations based on a leaked Chainalysis presentation to the IRS that implies the privacy-focused cryptocurrency can be traced.
Monero (XMR) is the world’s most popular privacy coin and is specifically built to hide the addresses and transactions of those on its network.
Privacy coins have become popular for use cases that require a high degree of anonymity. And while there are lots of legal reasons someone may want financial anonymity, law enforcement has often associated privacy coins with ransomware payments, illegal transactions on the dark web, and money laundering.
As a result, privacy coins—an umbrella that also includes Zcash (ZEC), and Dash (DASH)—are banned in countries such as Australia, Japan, South Korea, and some parts of the UAE.