Altcoin News: Financial Privacy Is Not a Crime

May 30, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Monero Project Manager Ricardo Spagni expressed his opinion on why financial privacy is important and what is wrong to regard users who hide their transactions as criminals.

“When you go to a public restroom, you go to the restroom, you close the door, and you don’t go like oh, you know, that’s a privacy enhancement. That’s just natural. So like, a tool like Monero or any privacy enhancing tool really, is just about that same thing, being able to close the door when you’re doing something private, like using the bathroom.” said Ricardo Spagni.

The developer and head of Monero also stressed that for some reason, many believe that hiding their transactions is a crime. But if each transaction is made public, what kind of society will we have?

“Why don’t you upload three months of bank statements onto Twitter so that we can make sure you’re not a criminal?” he said.

In conclusion of his interview, Spagni compared the current situation in the world with Orwell’s 1984 anti-utopia novel.

“We’ve ended up in a world that’s very Orwellian. It’s very 1984. But the difference between the world that 1984 portrayed, and the world that we live in, is instead of the government going and putting cameras in everyone’s homes, and on the streets and all that — we put the cameras and the microphones in our home, and we just call them Alexa,” said the head of the Monero project.

Note that in April 2018, the support of cryptocurrency Monero received a hardware wallet Ledger. Earlier, Spagni expressed confidence that in the future, the regulation of cryptocurrency will increase and will play a leading role in the industry.

Author: Marko Vidrih