Monero

As privacy coins such as Monero are widely used for illegal purposes, financial regulators and watchdogs seek ways to de-anonymize them. Now, the United States Internal Revenue Service (IRS), is going to pay for cracking Monero (XMR).

The privacy offered by Monero is putting this cryptocurrency in trouble by raising more regulatory concerns among financial watchdogs.

Monero cryptocurrency offers its users enhanced anonymity features. However, this feature is favourable not only to ordinary traders but also to criminals taking advantage of the coin for illegal purposes. This makes some cryptocurrency exchanges avoid dealing with the coin.

The Bitcoin transactions on the darknet has decreased dramatically in 2020 compared to other years.

Recently, Monero (XMR) encountered a breakdown while it was consolidating above the $64 support. The bears pushed the coin to $60 low and bulls responded abruptly.

Cryptocurrency has been attracting illegal dealers since its very inception. Due to its anonymity and security, Bitcoin was widely used as a payment method on the darknet shadow markets. However, lately criminals started paying more attention to Monero as this cryptocurrency allows for an enhanced secrecy and disguise.