From June 18 in Japan enters into force the prohibition of anonymous cryptocurrency

From 18 June in Japan will be introduced a direct ban on all cryptocurrencies that provide a sufficient degree of anonymity for end-users, said the financial services Agency (FSA) of Japan. Local cryptocurrency exchanges have started to delist alithinou XMR, DASH, REP and ZEC.

The main reason for the prohibition of anonymous cryptocurrencies according to representatives of the FSA was the potential of their use for criminal purposes is the anonymity hinders the investigation of the hacking of the exchange CoinCheck, which was stolen NEM 523 million ($524 million).

However, the cryptocurrency community believe that the hacking happened for many reasons, but in the anonymity of cryptocurrencies, it is advisable to look for the pros and not the cons.

«Any industry expert will tell you that the immutability, decentralization and privacy are the fundamental backbone of any cryptocurrency. All these qualities are essential for long-term success of the industry.»

In order that the platform was indeed decentralized, it should exclude the possibility of manipulation or control, which is impossible without privacy, respectively anonymity.

Cryptographically secure projects based on blockchain needed to protect citizens from large international corporations, or hackers who seek to use their personal information. Transfer of personal data of users in Facebook a vivid example of how they need protection.

Fearing that the decision of the FSA of Japan – a country that served as a reference point for others in the development of the technology of the blockchain and the adoption of cryptocurrencies will create a «Domino effect» in other States, local cryptologist encouraged to take the initiative in their hands and try to explain to regulatory authorities the potential value of anonymous cryptocurrency for the industry of the blockchain as a whole.

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