CZ says lack of onchain privacy is holding back crypto payments

Transparency, which is a hallmark feature of most cryptocurrencies, is likely one of the biggest hurdles to mass adoption, the Binance founder said.

The lack of privacy for onchain transactions is one of the biggest hurdles to the mass adoption of cryptocurrencies for payments and a medium of exchange, according to Changpeng Zhao, co-founder of the Binance cryptocurrency exchange.

The executive commonly known as “CZ” said the lack of privacy prevents businesses and institutions from paying expenses in crypto. He gave this example: 

In a previous conversation with investor and host of the All-In Podcast Chamath Palihapitiya, CZ also cited physical security concerns as a reason why onchain transparency is a risk to users. The comments follow a revival of privacy and the cypherpunk ethos in crypto.

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