It seems like John McAfee believes that privacy coins such as Zcash (ZEC), Monero (XMR) and DASH could be banned soon by governments across the world but the laws will be ineffective. Let’s see what he had to say in the latest Zcash news.
Looking at the possibilities for enforcement to ban privacy coins such as Zcash, will be quite hard to perform. John McAfee is notorious for his predictions and the most famous prediction is now the ban of privacy coins. He was also known for his prediction that Bitcoin will reach one million by the end of 2020 but later switched his opinion saying bitcoin is a Sh*tcoin and continued promoting ethereum as the best smart contract solution while Monero is the best privacy coin.
His recent prediction refers to privacy coins in general because governments around the world will take aggressive action against the use of Zcash, Monero, and Dash which will lead to their banning. In the meantime, McAfee assured that these attempts will have almost no successes. He stated that the laws will look like the ones meant for marijuana which also ended up useless. He even commented:
‘’Privacy coins and distributed exchanges will soon be outlawed. But these laws will have no more teeth than the ineffective laws against Marijuana. Do not abdicate your rights! You have, absolutely, the right to financial privacy. Ignore unconstitutional laws.’’
The question remains complex and cannot be answered with certainty. Monero is developed as a decentralized coin and the developers are not endangered here. However, one core member stated about two years ago that there are other threats that can cripple the cryptocurrency. The governments around the world could influence the software policies the ones of tech giants and the end-user license agreement will give Microsoft or companies such as these ones will have the right to remove the software from end-user computers that Microsoft considers ‘’ malicious.’’ The US government could even require Microsoft to remove Monero software from windows computers.
The US government is a major Microsoft customer so this gives them a lot of leverage with the company. By using a voluntary approach this could avoid the legal constitutional change that a ban could bring. This was the approach that the government used to cripple Wikileaks. The second approach is to use Digital Rights Management in windows to spread a malware of sorts. For example, the North Korean Government has advanced cyber warfare capabilities and could even leverage this method to steal amounts of Monero from users. Then, they will be able to dump the stolen coins onto the market and crash the price.
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