Monero Leads The Race Among Privacy Coins, Rising To Two-Year Highs

Monero leads the race among privacy coins as XMR, the biggest of the lot extended the impressive run to two-year highs. The move came after the group of countries called for “back doors” into encryption software so let’s read more in the Monero latest news.

The backdoor access diminishes the privacy-safeguarding utility of this software and will drive increased interest in the privacy coins. Monero traded at $135 in the early hours of trading, recording the highest level since September 2018. The 15^th largest cryptocurrency by market value gained 23% this month alone and increased by 80% from the lows below $75 that were seen in September. On a daily basis, XMR increased by 7.6% while Bitcoin increased by 0.75% as Monero leads the race.

Zcash is a privacy coin that is changing hands close to the $5 level at press time which represents a 6.7% gain on the day. Other crypto assets with anonymity features like Zcoin, horizon, and harmony are flashing green according to the data from Messari. The coins are gaining ground in the wake of the demand by countries of the Five Eyes Alliance plus India and Japan for access to encrypted apps.  Back on Sunday, the officials from the alliance, the UK, US, Australia, New Zealand, and Canada, signed with Japan and India a joint statement that supported the strong encryption but with backdoor access which will help lawmakers protect vulnerable sections of the society.

The statement escalated an ongoing battle between the favoring stronger encryption and companies that create security protocols into their apps. The Lawmakers worldwide could eventually target privacy coins because they facilitate the hiding of the user identity via encryption. The US Internal Revenue Service hired the blockchain intelligence firm Chainalysis and data forensics company Integra FEC to develop transaction tracing tools for XMR.

The statement escalated an ongoing battle between those that are favoring stronger encryption and companies that are building security protocols into their apps. Lawmakers across the world could target privacy coins because they facilitate the hiding of user identity via encryption. The US Internal Revenue Service hired the blockchain intelligence company Chainalysis and data forensics company Integra FEC to develop the transactions tracing tools for the coin.