The European Union is preparing a draft to regulate privacy coins in the states. Privacy coins are digital assets that are designed to protect the privacy of users’ IDs and transactions. The well known privacy coins Monero, Zcash, and Dash are going to be banned in EU nations. Primarily to avoid users’ traceability, the EU financial institutions made the decision.
“Secret is not a privacy coin,” by Secret Network
Secret altcoin prices are going high after spreading rumors of an EU ban on privacy coins in the states. The price of the Secret reached $1.29 (USD) from $0.64 (USD) within a night, i.e. it crossed its profit level to 101%. The analytics indicate that Secret will gain more profits in the upcoming years. The Secret Network is considered one of the best privacy preserving smart contracts on the blockchain.
It is the first mainnet blockchain with data privacy by default for every app. It is an open source network built on the Cosmos platform using layer-1 blockchain technology. To transfer the digital assets to other blockchain networks like Ethereum, Binance, etc., the network uses “Secret Bridges.” The main motto of introducing this network is to provide everyone with access to decentralized technology. It ensures the financial data protection of the users.
The Secret Network recently responded to the European Union’s plan to ban privacy coins in the states. It stated that Secret introduced the first decentralized blockchain technology with private applications in order to give users true freedom and choice. The entity further added that wanting privacy is not a crime.“
Taking away our human right to privacy is NOT the right approach.
We built the first decentralized blockchain with private applications in order to give users true freedom and choice.
Secret is not a "privacy coin." And wanting privacy is not a crime.https://t.co/b6XOE7bsa6 https://t.co/Z72tu2X0fD
— 𝕊ecret Network
Meanwhile, privacy coins are facing a hard time due to upcoming regulations in the United States. FATF is also planning to regulate privacy coins to avoid cyber attacks in the digital market.
The Financial Action Task Force (FATF) has taken steps to provide common regulations for all digital asset service providers to overcome money laundering issues. The International Organization of Securities Commissions (IOSC) also issued certain provisions on crypto exchange platforms. The announcement of Libra’s “global stablecoin” grabbed the world’s attention and added greater impact to these efforts.
The International Monetary Fund (IMF) has also initiated a step for safer transactions in digital assets. The IMF published a report in the September edition of its flagship titled Finance and Development magazine, “Crypto Regulation: The Right Provisions Could Provide a Better and Safer Space for Technology.”
Recently, lawmakers and officials have agreed on new regulation policies on digital assets, which could have an impact on the users of cryptocurrency firms. Transaction caps for non-euro stablecoins will be reintroduced in the European Union (EU) to ensure digital currency security. The cap will help to limit stablecoin transactions, such as $200 million (USD) of non-euro stablecoin transactions per day.
Source: https://www.thecoinrepublic.com/2022/11/18/secret-altcoin-profited-following-rumors-of-an-eu-ban-on-privacy-coins/