- Is privacy in the cryptocurrency markets a bad thing?
- Chainalysis isn’t all that against the decentralisation of cryptocurrency.
Is privacy in the cryptocurrency markets a bad thing? One cryptocurrency company, that helps fight illicit activity in the crypto space, has just said that privacy in the industry would not necessarily be a negative thing.
Even though it represents one of the key sources of transactions in crypto data for federal agencies such as the FBI and the IRS, Chainalysis isn’t all that against the decentralisation of cryptocurrency.
The co-founder and CSO at the analytics company, Jonathan Levin has reiterated such a stance recently, in saying that it will claim transparency of cryptocurrency transactions which could turn out to be the best endgame for the asset.
He said the following:
“There will be the invention of privacy-enhancing technology. Complete transparency is not necessarily an ideal place to be either, but ultimately there needs to be the ability for regulators and businesses with the appropriate levels of legal authority and oversight to tackle the illicit activity that abuses the systems.”
The CSO at the blockchain firm has previously spoken on the problem of transparency and privacy in the cryptocurrency industry.
“The two extremes of total anonymity and complete transparency are bad. Complete anonymity opens the door to illicit activity that, by definition, cannot be investigated. That’s not a world you want to live in. On the other hand, complete transparency means no privacy at all. That’s also not a world you want to live in.”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!