Private cryptocurrencies place a significant emphasis on security and are designed to maintain maximum user anonymity.
The European policing organization Europol has designated the altcoin Monero as one of the major cyber threats. Monero is known for its heightened privacy, making transactions with this cryptocurrency more challenging to trace.
Meanwhile, Bitcoin remains the most widely used payment method in cybercrimes, largely due to its overall prevalence and ease of use.
In addition to the use of altcoins in cybercriminal activities, Europol has reported a widespread application of cryptocurrencies in legal transactions, with criminal transactions constituting only 1.1% of the total.
Recently, Jack Ma, the founder of Alibaba Group, stated that financial regulators in China and around the world should embrace cryptocurrencies, referring to the impending restrictions from the Basel Committee. He believes that the proposed regulatory standards do not serve the future of the global economy, labeling the committee as a club of old individuals seeking to manage the modern financial system through outdated methods. Jack Ma is confident that the world must adopt modern technologies that can drive financial innovations forward, including cryptocurrencies and blockchain systems.
