In An Unexpected Development…The Zcash Cryptocurrency Is Rise By 14%, Here Are The Reasons!
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Answer In An Unexpected Development…The Zcash Cryptocurrency Is Rise By 14%, Here Are The Reasons!
Electric Coin, the company responsible for developing and issuing the privacy-protecting cryptocurrency Zcash, has published a press release marking the sanctions imposed by the US Treasury on another popular platform offering the ability to anonymize cryptocurrency transactions, the Tornado.Cash shuffle. “.
The company stated in its post that Zcash is fully compliant with AML/CFT standards for both European and US regulators.
“Electric Coin” also confirmed that Zcash as a cryptocurrency is traded on central trading platforms such as Coinbase and Gemini and has been approved by the New York State Department of Financial Services (NYDFS).
After the announcement, Tornado.Cash affiliate cryptocurrency (TORN) lost 28% of its price and all GitHub contributor accounts were deleted.Read:Coinbase Adds $500 Million in Cryptocurrency to Its Balance Sheet… What Does That Mean?
Simultaneously, the price of the digital currency Zcash (ZEC) increased by 14%. Notably, the digital currency Zcash is linked to “Edward Snowden.”
In April of this year, Snowden claimed that he was one of the six signatories to the private key of the multi-signature wallet Zcash.
Is it possible for Zcash to succeed in satisfying both parties (regulators and users)?
At the beginning of the project in 2016, Zcash had the characteristics of a fully anonymous decentralized blockchain that used non-disclosure evidence of transactions.
The inability to determine the amount and track transactions is what distinguishes Zcash from Bitcoin.
But with the latest promotions and the company’s recognition of its commitment to regulators around money laundering and terrorist financing requirements, the following question can be asked:
How will the Zcash project be able to preserve the privacy of its users while at the same time being regulated, meeting KYC and countering terrorist financing?Read:The founder of Ethereum reveals when Ethereum will turn into a PoS mechanism
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