German Finance Ministry: Monero Is More Dangerous Than BTC

The German Finance Ministry issued a report on Monday where you can read that reportedly cryptocurrencies such as Monero that are focused on privacy, are more likely to be used for illegal activities than Bitcoin, making them more dangerous. Let’s find out more about this report in our Monero news today.

In the ‘’First National Risk Analysis 2018/2019’’ the agency examined how cryptocurrencies can potentially endanger financial security. The German Finance ministry found that Monero, rather than Bitcoin can better enable the anonymous transaction opportunities in money laundering and terrorist financing on the Darknet. According to the report:

 “Due to the increasing popularity of Monero on the Darknet, it can be foreseen that this crypto asset, especially, will gain more practical relevance in the future in the area of securing and exploitation [sic].’’

The report also added that the many new and sophisticated techniques employed by Monero, make it highly impossible to track money and that the anonymity afforded also increased the possibility for further abuse and further criminal activity. In contrast, especially on the DarkNet, the agency classified the risk of illegal activity with Bitcoin as low and the most recent investigations also made clear that Bitcoin lacks anonymity. Going even further, the agency announced that German legislation will be created in line with the EU regulations and directives that extend responsibility for money laundering to the so-called ‘’obligated parties’’ which namely include crypto exchanges and wallet providers.

The concerns were supported after it was reported that there is a bitcoin sextortion malware that was later dubbed as ‘’Save Yourself’’ since the recipients got these sextortion demands from email demands with that phase. Now it turns out that Save Yourself malware as designed to have a side gig which is a  program that infiltrates in the host machine and secretly starts mining the privacy-focused cryptocurrency- Monero. By doing this, it might end up stealing 50 percent of the host’s CPU power thus affecting its performance to a limited extent to avoid suspicion.  There is still no comment from the official platform on the allegations so make sure you check our daily news for more information.