Monero and Privacy Coins Rally After DoJ Support
Monero and privacy coins are trending higher following unexpected support by William P. Barr and legislative representatives from the U.K., India, and the United States, as per a statement published on the U.S Department of Justice website on Oct 11. The undersigned said they support strong encryption which plays a crucial role in protecting privacy, personal data, intellectual property, trade secrets, and cybersecurity.
Most governments oppose the proliferation of privacy concealing solutions based on the blockchain. Privacy coins including Monero and ZEC are leading currencies supporting advanced encryption techniques to shut off prying eyes from the government or contracted agencies. At a time when law enforcement authorities in the European Union feel threatened, legislators seem to be endorsing the sub-set, pointing out their advantages.
Impact on XMR price:
Bullish. The Monero price is rallying and is one of the top performers in the top 20. It is up roughly 10 percent versus the BTC, a few days before it upgrades. If follow-through laws are passed to offer explicit support to privacy coins and solutions, XMR prices could rally to new 2020 highs.
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