Zcash’s Response to Secret Service Testimony
One of the foremost challenges facing cryptocurrencies is the risk that it may be used for fraudulent purposes. A few of the most common fraudulent practices are crypto-jacking, private-key fraud, ransomware, and attacks on blockchain networks. In response to the fraud, the United States Secret Service testified at a congressional hearing and asked for congressional attention to the matter.
ZCash, a cryptocurrency platform, responded to the Secret Service’s testimony with its own commentary by releasing the following statement, “We believe it is in the best interests of the citizens of the United States, the US Secret Service, and other governmental organizations to advocate for privacy rights and protect its citizens and businesses from harm.”
The digital currency platform also pointed out that its own practices include empowering its users with economic freedom and opportunity. Further, the “company” as founded to support Zcash, which itself is built on strong science and privacy protection standards.
There is no doubt that cryptocurrencies today must balance the growth of the industry and the safety standards necessary to protect those who use the currencies. Fraudulent practices are a real issue and they’ll continue to be so until currencies and regulatory actors take the right actions.