By CCN: The CEO of Binance cryptocurrency exchange, Changpeng Zhao, has predicted that India’s proposed anti-crypto bill will spur the adoption of privacy coins such as Monero and ZCash in the country.
Binance CEO expects privacy coins to flourish in India
Zhao, who runs one of the world’s largest cryptocurrency exchanges by trading volumes, hinted that such a development would be highly significant monumental noting that around 20 percent of the global population resides in India.
As earlier reported, the draft anti-crypto bill proposes a 10-year jail sentence for anyone who directly or indirectly mines, generates, holds, sells, transfers, disposes , issues or deals in cryptocurrencies in India. This effectively outlaws not just cryptocurrency exchanges and bitcoin mining operations but also individuals from possessing crypto.
Monero and zcash – full anonymity and privacy
In predicting that India’s anti-bitcoin bill will lead to privacy coins flourishing in the country if passed, CZ, as he is popularly known, is partially right. Yes, Indian cryptocurrency users may flock to the likes of Monero and ZCash. This is because these coins their transactions will be hidden from government oversight and thus giving users immunity from prosecution.
While private, transactions involving Bitcoin and other non-privacy focused cryptocurrencies are not anonymous. This anonymity has especially been eroded with the growth of blockchain tracking and analysis firms. These firms are used by among others by law enforcement agencies in inferring the identity of those behind cryptocurrency transactions of interest.
How Bitcoin transactions are tracked | Source: Kevin Perlow