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Coinbase CEO Brian Armstrong has said that the exchange has refused to list Monero (XMR), first of all, because of teh issues with regulators.
Coinbase CEO Brian Armstrong has said that the exchange takes a more conservative approach in the listing of digital currencies (and XMR is one of them) when compared to other exchanges such as Kraken and Binance. With the topic of regulation a major factor in the cryptocurrency ecosystem, several players including exchanges, blockchain-based companies, and cryptocurrency developmental labs prioritizes the development of frameworks to operate without falling on the other side of the law.
In a recent interview with Peter McCormack anchor of “What Bitcoin Did” podcast, Armstrong detailed the reasons why Coinbase has not listed Monero and other privacy coins in a bid to make the exchange stand the test of time. He also admitted that a relationship with the regulators is also a major factor. He said:
“Privacy coins are the next topic, one of the next on the horizon, among many. (The regulators) are very concerned, so we haven’t been able to list it at least in the way we want for those reasons. But, I think with enough time and vision, the regulators will be comfortable with that. Then, there will be another new issue on the horizon that will concern them.”
Armstrong believes that with time and adequate education, the adoption of Monero (XMR) will go mainstream which may further pitch his exchange toward listing the coin. Armstrong expressed he is highly averse to picking legal disputes with regulators which may be inevitable with the listing of XMR that is continually gaining traction amongst dark web players. Such legal battles Armstrong described were expensive and harmful to the relationship with regulators.
Fuse about Monero (XMR): Why Coinbase Is Not Listing the Coin
XMR is an open-source cryptocurrency that operates based on the Proof of Work mechanism. Monero uses an obfuscated public ledger, meaning anybody can broadcast or send transactions, but no outside observer can tell the source, amount, or destination. This particular feature has made the coins to be the favorite digital currency among hackers and other dark web players.
Hackers have been known to embed XMR’s mining code into sites in order to generate profits. As reported by The Register, several antivirus providers were able to block a JavaScript implementation of Monero miner Coinhive that was embedded in some websites and apps
Coinhive generated the script as an alternative to advertisements; a website or app could embed it, and use the website visitor’s CPU to mine the cryptocurrency while the visitor is consuming the content of the webpage, with the site or app owner getting a percentage of the mined coins. Some websites and apps did this without informing visitors, and some hackers implemented it in a way that drained visitors’ CPUs. As a result, the script was blocked by companies offering adblocking subscription lists, antivirus services, and antimalware services.
Recently, Argentina’s largest telecommunication company Telecom was reportedly hacked by a well-known ransomware gang who demanded 100,000 Monero (XMR) tokens valued at $7.5 million. While the Monero (XMR) stealth transaction structure is the delight of some cryptocurrency enthusiasts who relish privacy, it is undoubtedly affecting the coin’s potentials to be adopted by some of the world’s major cryptocurrency exchange including Coinbase and Bithumb who has announced it will be delisting the token.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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