XMR workgroup says IRS should study Monero — not try to break it

Monero Outreach’s representative emphasized that the crypto’s features in fact provide users with a certain level of transparency, stating: “$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.” The spokesperson said that Monero is “designed to function just like cash,” highlighting that the U.S. dollar also has a certain amount of privacy: “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.

According to a Sept. 15 report by American law firm Perkins Coie, Monero enables users and virtual asset service providers, or VASPs, to disclose certain transaction details associated with a given account to a third party. According to the firm, these features are part of the key functionality built into the Monero protocol: “This enables users and VASPs to disclose certain transaction details associated with a given account to a third party without publicly disclosing that user’s transactional information.

Timeline of Monero