It’s private and then it’s not! Regulatory authorities have mastered magic tricks capable of transforming private cryptocurrency into non-private crypto. Dash (DASH) is embarking on a rebranding to get rid of its anonymous crypto image. He is counting on his big brother Bitcoin (BTC) to support him in this marketing operation.
Bitcoin: an example of transparency for DASH
After his delisting on the exchange Bittrex, January 1, 2020, DASH seems to want to get rid of the qualifier of private cryptocurrency.
This delisting also concerns 2 other assets well known for their functionalities allowing to protect the confidentiality of their users, the Monero (XMR) and Zcash (ZEC).
December 29, 2020, Bittrex had also announced its intention to stop trading in Ripple (XRP), following the announcement of legal proceedings by the SEC against the Brad garlinghouse.
The CEO of DASH, Ryan taylor, tried to downplay the privacy protection features.
He indicated that these are similar to those of Bitcoin, which makes the private cryptocurrency label unsuitable for DASH.
Big bad KYC / AML strikes again
Screenshots from 2017 from the Foundation’s website Dash yet show that DASH was touted as “the world’s first privacy-focused cryptocurrency”.
DASH is described today as “the leader in cryptocurrency payments”. This about-face drew criticism and taunts on Twitter, but for several months the DASH strove to distinguish itself from anonymous cryptocurrencies.
In a paper published in August 2020 on the privacy features of DASH, Taylor pointed out that regulators were concerned about regulatory compliance KYC/AML for this type of cryptocurrency.
Taylor however asserts that DASH managed to convince exchanges and regulators that cryptocurrency does not present any particular risk.
DASH is currently preparing to upgrade its testnet, which includes DashPay, a social payments portfolio.
Regulators are there to make sure Big Brother doesn’t go blind. Fervent defenders of KYC / AML standards will certainly step up their operations to denigrate any actions aimed at protecting citizens’ right to anonymity. DASH turns his jacket over, Monero wouldn’t miss it again. The CBDCs will no longer fail to become the new benchmark, the example to follow, for cryptocurrencies.
Litecoin, welcome in the Silver Age