Monero: IRS should be analyzing cryptocurrency technology, not thinking how to destroy it

The XMR Working Group says the U.S. Treasury - the IRS - should be studying Monero technology, not thinking about how [...] https://www.pinterest.com/pin/1085437947660215829/

The XMR Working Group says the U.S. Treasury - the IRS - should be studying Monero technology, not thinking about how to ban the cryptocurrency or crack its code. Monero vs. IRS According to the Monero Working Group, the U.S. IRS should start studying private coin technology rather than spending money on how to ban or destroy it. The thing is, the IRS has just announced that it is offering $625,000 to anyone who helps the institution crack the Monero code. A spokesperson for Monero Outreach - an independent working group focused on promoting XMR - told Cointelegraph that the IRS should first figure out how Monero works. He stressed that the cryptocurrency's features actually only provide users with a certain level of transparency, stating: "The $625,000 would be better spent by the IRS if they hired some consultants to teach their staff how Monero works and how its features allow users to consent to transparency." He added that Monero is "designed to work like cash," pointing out that the U.S. dollar also provides some privacy: "The U.S. dollar is used in most of the world's sordid activities, yet it sets the balance sheet for the IRS. [...] The IRS doesn't know how much money you made unless you report it, but you don't see them trying to destroy the U.S. dollar ". The IRS announced its reward program in early September 2020. It applies not only to Monero, but also to Bitcoin. Authorities stressed that the program is a result of the problems the service faces when funds enter cryptocurrency networks. Who will crack the Monero code? The IRS is not the only institution looking to crack the Monero code. In August, a major cryptocurrency network analysis company, CipherTrace, claimed that their cryptocurrency tracking tool was able to track transactions on the Monero blockchain. Earlier, Russia's Federal Financial Monitoring Service announced that its new cryptocurrency tracking tool will "partially reduce the anonymity" of private coin transactions. Monero is the best-known private coin, a cryptocurrency focused on ensuring the privacy of users' transactions. The coin currently costs $91.41 and has a market capitalization of $1.6 billion. Tags irs Monero USA