Like his own Monero mentioned in a recent tweet, it is now possible to buy the cryptocurrency directly with a card, either debit or credit, through the exchange Kraken:
Did you know that you can buy Monero directly with a debit or credit card through Kraken’s new Buy Crypto tool?! Https: //t.co/YnypdCPFSy
– Monero || #xmr (@monero) January 13, 2021
As many will know, the Monero cryptocurrency (XMR) allows almost total protection on any movement made with it, preventing anyone from checking the balance and the movements of the addresses, and avoiding tracking who is behind or where those funds come from.
It is precisely because of these characteristics, since it is difficult to trace the owner or origin of the funds, that some exchanges have started to withdraw assets because they may have problems with the risk of not being able to provide enough information to law enforcement and authorities. From a legal point of view, this identifies the exchange as an accomplice, allowing a criminal to launder money, for example.
At the moment, the asset is still available on the main international exchanges and some of these can provide a service for the direct purchase of this cryptocurrency even by credit or debit card.
Kraken: Monero can now be purchased with a credit card
Such is the case of Kraken, which offers its clients this possibility, provided they have a verified profile in the exchange and a Visa or Mastercard that supports 3D security.
Therefore, anyone can get this privacy-oriented asset directly and safely, and then move or convert it to other crypto assets if necessary.
However, this is where the question arises whether or not it makes sense to buy an asset with a strong privacy-focused nature directly on a platform that requires verification from its users.
In fact, if it is true that the cryptocurrency prevents someone from checking balances and movements, it only takes one point discovered in the entire process to nullify the effect of privacy, because when withdrawing funds from the exchange, you would still have the data related to the transaction : address and amount of everything we have done.
Of course, this cryptocurrency could be used for completely legitimate purposes and as a payment method.
Legislation on this issue can certainly change in the future, even for the most troublesome cryptocurrencies, such as those focused on privacy.
The problem could also extend to Zcash, Dash and others, and could lead to the suspension or restriction of the use of these crypto assets by exchanges.