Chinese central bank calls all crypto transactions illegal and takes action : Monero

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2021-09-24 20:30:03

Monero can't be hacked to steal your funds, due to the power of distributed consensus. This means that you are responsible for your own money, and don't have to trust any entity to keep it safe for you.

The power of the blockchain usually increases security at the cost of privacy, but with Monero's sophisticated privacy-centric technology, you get all of the security benefits of the blockchain without any of the privacy trade-offs.

By taking advantage of ring signatures, Monero makes it ambiguous which funds have been spent, and thus extremely unlikely that a transaction could be linked to any particular user.

Because of its on-by-default privacy technologies, Monero is fungible, which means that one Monero will always be equal to another. This ensures that there will be no discrimination over the origin or history of your coins, lessening the worry of potential blacklisting by exchanges or vendors.

The Central Bank of the People's Republic of China, along with nine other government agencies, has said that cryptocurrency and all crypto transactions are illegal. The organizations want to do more to detect and be able to stop trades.