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- Despite various warnings of regulation and even asset delisting by some exchanges, investors and developers are optimistic about AECs. They feel that the regulations will only increase the coin’s value and popularity.
- The most popular asset in this class has seen its price jump by almost 40% in the previous 30 days, from roughly $134 earlier this month to $210. Others, such as ZCash, grew from less than $100 to $197 in the same time period, with peaks of $207. Dash has risen to $128, whereas Haven Protocol has risen to $4.20.
- These assets have benefited greatly from rising political tensions in Ukraine and Canada, as many investors now believe that this type of crypto investment can provide much-needed financial anonymity.
Privacy Coins are on a roll as interest rises: Several creators of privacy coins that fall under the concept of Anonymity Enhanced Cryptocurrencies (AECs) think that the tools needed to control digital assets in this category have been developed.
The Performance of Anonymity Cryptocurrencies During March
In recent weeks, the value of privacy-focused cryptocurrencies such as Monero, Dash, Zcash, and Haven Protocol has skyrocketed. These assets have benefited greatly from rising political tensions in Ukraine and Canada, as many investors now believe that this type of crypto investment can provide much-needed financial anonymity.
As March draws to a close, research shows that privacy coins were among the best-performing digital assets of the month. Monero, the most popular asset in this class, has seen its price jump by almost 40% in the previous 30 days, from roughly $134 earlier this month to $210. Others, such as ZCash, grew from less than $100 to $197 in the same time period, with peaks of $207. Dash has risen to $128, whereas Haven Protocol has risen to $4.20.
Issues Over Anonymity Cryptocurrencies Have Been Raised By Regulators
Given the international turmoil and US President Joe Biden’s recently signed executive order, these currencies appear to be the biggest winners. While the community’s attention has been drawn to assets such as Bitcoin and Ethereum, privacy coins such as Monero have experienced a steady influx of investors. The rising popularity of privacy coins is increasing demand, which is why regulators are looking for ways to circumvent the security and anonymity features. South Korea banned AECs in 2021 as a regulatory function.
Similarly, the Financial Crimes Enforcement Network (FinCEN) of the United States reported that AECs employ a variety of technologies that make it difficult for security officers to detect transaction activity on the blockchain. Even exchange platforms such as OKEx have continued to delist privacy coins. Despite various warnings of regulation and even asset delisting by some exchanges, investors and developers are optimistic about AECs. They feel that the regulations will only increase the coin’s value and popularity.
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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
