4 ms·
Is the government gonna shut down Monero? Is that even possible?
by cammikebrown 4y ago
Is the government gonna shut down Monero? Is that even possible?
- EGreg 4y agoCan the US government say stuff like "anyone found transacting with <insert cryptocurrency network here> will face prison time / fines"? How about "Anyone using https will face prison time" OFAC may be overstepping its mandates.
- hbbio 4y agoInitially, the US wanted something quite equivalent to banning https (forbidding its export, i.e. not available on Internet). Https was only made possible thanks to the legal battle fought by Phil Zimmermann. https://www.theregister.com/2021/06/08/pgp_at_30/ https://www.theregister.com/2021/06/08/pgp_at_30/
- deleted 4y ago[deleted]
- brian-armstrong 4y agoWhy would it need to? If Monero transactions can't meet AML/KYC compliance (they can't), then exchanges in the US can't serve as an offramp for Monero/USD transactions. Isn't that sufficient?
- Forbo 4y agoMonero doesn't need to be AML/KYC compliant, the exchange does. And even if Monero did need to be compliant, view keys exist.
- legulere 4y agoThat's like saying banking systems don't need to be compliant, banks need to be.
- MacsHeadroom 4y agoAnd that would be correct. Cash isn't compliant. Cash exchangers are. Monero is cash-like and exchanges can be compliant and sell Monero in the US (a few do). It's just a lot of extra work, especially including the additional fraud risk it brings them.
- edf13 4y agoHow about exchanges in the US that take a deposit of USDC/T/other that was further down the chain came from Monero. How can you prove compliance?
- codedokode 4y agoAll cryptocurrencies are not compliant with KYC. You don't need to provide any documents to create a Bitcoin wallet (and that's great).
- brian-armstrong 4y agoEh? You most certainly do have to provide documents to cash it back out. Your exchange may also review transactions coming into your wallet. This is the part Monero fails at.