It’s private and then it’s not! The regulatory authorities have mastered magic tricks capable of transforming a private cryptomonnaie into a non-private crypto. Dash (DASH) launches into a rebranding to get rid of its image of anonymous crypto. He counts on his big brother Bitcoin (BTC) to support him in this marketing operation.
Bitcoin: an example of transparency for DASH
After its delisting on the Bittrex exchange on January 1, 2020, DASH seems to want to get rid of the term private cryptography.
This delisting also concerns 2 other assets well known for their functionalities to protect the privacy of their users, Monero (XMR) and Zcash (ZEC).
On December 29, 2020, Bittrex also announced its intention to stop trading in Ripple (XRP), following the announcement of legal action by the SEC against Brad Garlinghouse’s company.
DASH CEO Ryan Taylor attempted to downplay the privacy features.
He said these are similar to those of Bitcoin, making the private cryptography label unsuitable for DASH.
The big bad KYC/AML has struck again…
Screenshots from 2017 on the Dash Foundation’s website show that DASH was touted as « the world’s first privacy-centric cryptography ».
Today, DASH is described as « the leader in payment cryptography ». This turnaround has been criticized and taunted on Twitter, but for several months the DASH team had been trying to differentiate itself from anonymous cryptosystems.
In an August 2020 paper on DASH’s privacy features, Taylor noted that regulators were concerned about compliance with KYC/AML regulations for this type of cryptography.
However, Taylor says that DASH has been successful in convincing exchanges and regulators that cryptography poses no particular risk.
DASH is currently preparing to upgrade its testnet, which includes DashPay, a social payments portfolio.
Regulators are there to make sure that Big Brother doesn’t go blind. The strong advocates of KYC/AML standards will certainly step up their denigration of any action to protect citizens’ right to anonymity. DASH is turning the tables, and Monero is sure to do the same. CBDCs should become the new reference model, the example to be followed, for cryptomoney.
Litecoin, welcome to the Silver Age
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