Monero (XMR) workgroup urges the IRS to study XMR

  • Per XMR’s spokesperson, the IRS should focus on building XMR instead of trying to destroy it.
  • According to XMR’s workgroup, the US Dollar is also used in criminal activities.
  • Before XMR’s retaliation, the IRS had offered up to £482,180 to anyone that can break XMR.

A Monero working group has claimed that the US Internal Revenue has better ways to spend taxpayer dollars than offering bounties to breach Monero’s (XMR) privacy. A report unveiled this news on September 17, noting that the workgroup made this statement after the IRS announced that it would offer up to £482,180 to anyone who can break Monero. Speaking on behalf of Monero, a spokesperson asserted that the IRS should learn how XMR works instead of trying to breach its privacy.

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In the report, Monero’s outreach representative noted that XMR provides its users with a certain degree of transparency.

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The representative added that,

“$625,000 would be better spent by the IRS to hire a few consultants to teach their staff how Monero works and how its features allow users to opt-in to transparency.”

Per the representative, XMR is designed to function just like cash, adding that the US Dollar also has a certain level of privacy.

The representative added that,

“The U.S. dollar is used for a majority of the world’s nefarious activities and yet, it is what denominates the IRS’ balance sheet. […] The IRS doesn’t know how much cash you earned unless you report it, but you don’t see them trying to break the U.S. dollar.”

Government agencies continue battling XMR

This news comes after the US IRS announced its bounty program to track XMR and BTC Lightning Network transactions on September 11. Per the IRS, the current system lacks investigative resources for tracing transactions regarding transactions involving privacy coins that bad actors use in illicit affairs.

However, the IRS is the only agency that seeks to break Monero’s privacy. Prior to this, CipherTrace, a leading crypto intelligence firm, alleged that its crypto-tracking tool can track Monero transactions. Before this, Russia’s Federal Financial Monitoring service declared that its crypto tracking tool can help minimize anonymity in Monero transactions.