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25 September 2020

XMR workgroup says IRS should study Monero — not try to break it

XMR workgroup says IRS should study Monero — not try to break it


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The United States Internal Revenue Service has better ways to spend taxpayer dollars than offering bounties to break Monero’s (XMR) privacy, a Monero working group says.

A spokesperson for Monero Outreach — an independent workgroup focused on XMR awareness and education — told Cointelegraph that the IRS should learn how Monero actually works instead.

The authority stressed that the program is driven by a lack of investigative resources for tracing transactions involving privacy coins used by illicit actors.

The IRS is not the only institution that wants to break Monero’s privacy.

In August, a major cryptocurrency intelligence firm, CipherTrace, reportedly claimed that their crypto tracking tool is capable of tracing Monero transactions.

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