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Wednesday, June 12, 2024
HomeCryptoEU issues warning against Bitcoin and these altcoins

EU issues warning against Bitcoin and these altcoins

The EU issues a warning targeting crypto mixers and privacy-focused cryptocurrencies in its latest report.

According to Decrypt, Latest report by EU Homeland Security Innovation Hub The publication stated that Bitcoin Lightning Network and other second layer solutions can be used as tools in criminal activities.

In the report, the EU compared other cryptographic technologies, such as crypto mixer tools like Tornado Cash and privacy-focused cryptocurrencies like Monero, Zcash, Grin and Dash.

More notably, EU lawmakers also mentioned it Mimblewimblethe encryption protocol used by cryptocurrencies such as Grin, Beam and Litecoin. They said:

Cryptocurrency mixers like Bitcoin Lightning Network, Tornado Cash, and privacy-focused cryptocurrencies like Monero and Zcash can be abused as tools in criminal activities.

Additionally, Mimblewimble, a cryptographic protocol adopted by digital currencies such as Grin, Beam and Litecoin, was also identified as a significant obstacle in monitoring cryptocurrency transactions.

In this regard, the EU is concerned that the above technologies will make it difficult for law enforcement by hiding transaction data.

The EU report emphasizes the need for regulatory measures to risk reduction regarding privacy-oriented cryptocurrency technologies. In particular, they argue that these regulations are intended to: deterrence for cryptocurrency crimes.

How will the Fed’s interest rate decision affect Bitcoin? Please look forward to it!

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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