Changpeng Zhao (CZ), the founder of Binance, has identified the lack of on-chain privacy as a primary obstacle preventing cryptocurrency from becoming a mainstream payment method. In recent discussions, CZ emphasized that while the transparency of blockchain technology is often touted as a security feature, it serves as a significant deterrent for everyday commerce. Most individuals and businesses are reluctant to adopt a system where their entire transaction history, including wallet balances and recipient details, is publicly visible to anyone. For crypto payments to achieve widespread adoption and effectively compete with traditional financial systems, CZ argues that there must be a solution that offers privacy for legitimate transactions. He noted that the challenge lies in balancing this user privacy with regulatory compliance requirements, such as anti-money laundering (AML) standards. Without solving the privacy issue, CZ believes cryptocurrency may remain a speculative asset class rather than a practical medium for daily transactions.
Source: CZ says lack of onchain privacy is holding back crypto payments
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