Monero (XMR) has been gaining popularity, and more individuals are turning to the coin due to its massively powerful privacy-related features.
Now, Reuters is also addressing the features and best advantages that the coin has to offer via a detailed explainer.
They write that XMR allows users to conceal almost all the details regarding a transaction, and as expected, they also mention the illegal purposes that the coin has been used for due to its nature.
Reuters also addresses the main differences between XMR and BTC, highlighting that unlike Monero, Bitcoin’s details of transactions are recorded on the blockchain and these can send hints to senders and receivers’ identities.
A strong focus on illegal use of XMR
Reuters focuses a lot on highlighting the fact that Monero is used on darknet marketplaces, the sites for purchasing illicit goods from drugs to stolen credit cards, and more.
They also address the stance that regulators and law enforcement have on all this, saying that when “Asked about Monero, Borja Pastor de la Morena, an official at Europol in The Hague who oversees the agency’s work on money laundering said: <This kind of alternative cryptocurrency is more opaque and better at concealing the activity of the users.>”
Reuters also cites the man saying: “It’s a phenomenon that we are paying attention to.”
Reuters also talks about who’s behind the privacy-oriented coin and who exactly uses the coin for legit purposes, but we’ll leave you the excitement of reading their juicy article on the official website.