One of the most important features of cryptocurrency is its ability to offer a user anonymity and privacy. Many tend to believe that anonymity is something important only for fraudsters or criminals. However, ordinary people also need privacy in their everyday life.
John McAfee, an early adopter and proponent of cryptocurrencies has always had a positive stance on privacy-centered coins. In an interview, the entrepreneur shares that decentralized privacy coins have a good chance of blooming, quashing the prospects of any government-built cryptocurrency assets. With the current attention from government officials, McAfee stated that “any government’s attempt to create their own crypto is going to fail” due to the controlling power governments would have.
Cryptocurrencies that offer users privacy and anonymity are often looked down upon by politicians and officials. Especially in the US, privacy coins such as Monero and ZCash might face an uphill battle in the future. However the decentralized nature of these networks makes it resistant to government intervention – a sentiment shared by McAfee as well:
“You (the government) have to have a policeman in every home in America to prevent us from choosing something else like Monero, which gives me ultimate privacy and anonymity.”
The eccentric businessman went on to criticize India’s government for considering a permanent ban on cryptocurrency trading for its citizens. Although McAfee has not given his opinion on Monero’s trading value, his stand on privacy coins is focused on taking away complete financial control from the government.
“If you get into the realm of privacy coins, it doesn’t matter. You (government/individuals) are not going to be able to isolate a Monero transaction on the Internet among the other flow of traffic.”
With the increase in cryptocurrency publicity, it will be interesting to observe how government-issued and company-issued digitals assets will fare compared to decentralized networks.