Litecoin (LTC) received a warning from two of South Korea’s largest cryptocurrency exchanges following its Mimblewimble release. This improvement effectively permits transaction anonymization, which irritates regulators.
South Korea may no longer accept Litecoin.
Following a recent upgrade that included the ability to anonymize transactions, Litecoin (LTC) has been targeted by two of South Korea’s top cryptocurrency trading sites. Bithumb and Upbit are the exchanges in dispute.
The latter proposed a Korean legislation requiring the disclosure of information during transactions. However, after the May 19 deployment of Mimblewimble technology, it is now feasible to make a network transaction anonymous.
Following these warnings, Bithumb and Upbit are likely to withdraw the assets from their respective platforms in order to comply with the regulations. Korbit and Coinone, the other two major platforms in South Korea, have not yet given their position on Litecoin.
Mimblewimble provides anonymity.
The name of this technology is a reference to a Harry Potter spell that translates into French as the “Language of Lead”. This refers to the anonymous component of a blockchain that incorporates Mimblewimble. Indeed, a block looks to be one and the same transaction from a blockchain explorer, without providing more information about the contents of the inputs and outputs.
In general, regulators and, as a result, centralized platforms are opposed to anonymous cryptocurrencies. Of course, the fetish argument of combating money laundering and terrorism financing is frequently used.
