Privacy in Cryptocurrency: Uncompromising Stance

In order to maintain dignity in this era of surveillance, Privacy Coin has attracted strict scrutiny from regulatory agencies skeptical of anonymous transactions.

In today’s world where our digital footprints are spread across the internet, the concept of privacy has become precious and elusive. As COVID-19 accelerates the digitization of human interactions, our right to privacy remains unchanged amidst the constant technological advancements.

In the field of cryptocurrency, the discussion of privacy is particularly urgent, as the core concept of decentralized finance has always been subject to scrutiny and balancing by regulatory agencies.

The Contradiction between Privacy and Public Blockchain

Public blockchains, such as Ethereum and its various EVM (Ethereum Virtual Machine) compatible chains, have made significant progress in the field of security, effectively defending against hacker attacks, ensuring the security of smart contracts, and protecting data from leakage. However, in the pursuit of transparency and efficiency, privacy rights are often sacrificed.

In theory, decentralization and minimizing the collection of personal data should strengthen our privacy protection. However, when these public ledgers raise the banner of transparency, every transaction becomes a public display. We commend the progress made for security, but we must also question whether the boundary of protecting personal privacy should be ensured in the aspect of asset security when it comes to protecting our personal privacy.

Privacy: A fundamental human right marginalized in the financial sector

Article 12 of the Universal Declaration of Human Rights enshrines the principle that “the right to privacy shall not be subject to arbitrary interference”. However, the irony of reality remains: those in positions of power who firmly defend their privacy and ignore the privacy of ordinary people. In the financial sector, the contrast is particularly stark, where the privacy of the elite is strictly protected, while the privacy of ordinary citizens is constantly being eroded.

Financial privacy is not a safe haven for criminal behavior, but the cornerstone of maintaining dignity. However, in the current early stages of cryptocurrency regulation, currencies that focus on privacy protection are in a difficult situation, caught between staunch defenders of financial sovereignty and strict regulatory agencies demanding high transparency.

Privacy Coins: Can They Survive?

Monero, Zcash, and other enhanced anonymity cryptocurrencies have attracted many privacy-conscious individuals. These currencies provide true anonymity, offering a safe haven in this heavily monitored world. However, I am skeptical about the long-term survival of these privacy coins, as the new reality is that exchanges must now comply with strict due diligence, which may make it difficult for purely privacy-focused coins to find a space for survival in the future.

The delisting of Privacy Coins from several exchanges heralds the arrival of this strict new era. In a world where compliance and privacy are mutually exclusive, the pursuit of anonymous transactions has become a cat-and-mouse game, while regulatory frameworks do not allow any shadows to exist.

Privacy should not be sacrificed

As we explore the intricacies of Crypto Assets and the right to privacy, we should reaffirm the importance of human dignity and individual sovereignty. Privacy is the cornerstone of our freedom and is unshakable under any circumstances. If we give up privacy for the sake of temporary convenience or pressure, we will give up a future where even the most basic Anonymity cannot be guaranteed, and even the sanctity of our anonymity will be lost.

The cryptocurrency community is facing a crucial choice, which depends on whether it is willing to integrate privacy into its core values. We recognize the need for a framework to prevent illegal activities, but at the same time, we must also oppose the practice of abandoning privacy rights out of impulse, and we must not regard it as an outdated relic to be discarded.

On the contrary, let us dedicate ourselves to a future of innovation that empowers, where human rights and privacy are not only protected but revered in the field of encryption.

We must steadfastly adhere to the principle: because privacy is not just a convenient feature, but a fundamental right of the individual, and must continue, be uncompromising, and inviolable regardless of technological advances.

Conclusion:

At the intersection of cryptocurrency and privacy, we face a future that is about freedom and dignity. We must work together to ensure that technological progress does not come at the expense of our fundamental human rights. The crypto community, regulatory bodies, and each individual should take responsibility and promote a financial ecosystem that guarantees both security and privacy. Let us move forward together towards a new era where everyone can enjoy privacy and dignity.