Virtual Currency Anonymity Could Raise the Possibility of Reshaping the Financial World

Brian Armstrong, the CEO of the U.S. cryptocurrency exchange Coinbase stressed in an article to Project Syndicate that privacy of currencies have the potential to transform the financial world.

In his view, a private currency such as Zcash or Monero has many  controversial arguments in terms of money laundering. However, he expressed the view that the private currency's feature, "privacy protection," could contribute to the creation of a safer financial system.

The shift to a private (anonymous) currency is similar to the shift of the Internet's global standard from "HTTP" to "HTTPS." HTTPS is a default that protects information.

Armstrong further added, "of course, at the time of its initial introduction, HTTPS brought unrest among banks, regulators and law enforcement agencies, but encryption was necessary to enable electronic commerce on the Internet."

"In order for cryptocurrency to fully exert its original power or potential, the protection of information is indispensable."

Comparing cryptocurrency with the history of Internet development, Armstrong appealed that cryptocurrency also requires transaction encryption. In addition, he also cited improvements in wallets as a condition that cannot be omitted from the new spread of cryptocurrency.

He concluded, "in order to move the funds, a flawless wallet that does not rely on a third party to keep secret keys directly is important in the future."

In the past, Coinbase introduced a new feature that allowed users to easily send cryptocurrency to their user names with its app wallet, Coinbase Wallet, in order to spread cryptocurrency.

Coin-based users will be able to transfer money to the user name of the outgoing app or to the address of the simplified service "Ethrium Name Service (ENS)," making it easier to move cryptocurrency than conventional methods.

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