Signal, instant messaging and calling application, free and open source, you want to implement anonymous crypto payments through the messaging appsSo it would give regulators around the world a chance to ditch end-to-end encryption entirely.
In early 2021, Signal was looking to add crypto payments to the platform and started with MobileCoin. Signal CEO, Moxie marlinspike, served as an advisor to the cryptocurrency MobileCoin, which is based on the Stellar blockchain and designed to make payments anonymously like cash.
But in fact, the work to integrate MobileCoin is already underway. Signal announced an integration test in the UK, and it will be released to the rest of the world in mid-November of this year.
“There are more than 100 million devices on planet Earth right now that have the ability to activate MobileCoin and send an end-to-end encrypted payment in five seconds or less,” he says. Josh Goldbard, founder of MobileCoin, referencing the reports of Signal’s total download numbers.
Why is it dangerous to implement crypto payments in a messaging application
Generally speaking, there is nothing sinister about putting payments into a messaging app, and Signal isn’t the only one adding crypto payments to messaging – the company formerly known as Facebook has embarked on a multi-year effort to create a new currency and integrate it with WhatsApp Y Messenger.
What sets Signal’s efforts apart is the combination of end-to-end encryption in messaging and cryptography with security features designed to anonymize any transaction.
Furthermore, anonymous transactions would likely attract cybercriminals. With end-to-end encryption already facing regulatory challenges around the world, Signal’s need to implement anonymous payments is an unnecessary provocation. All of the above could give regulators more opportunities and thus end the encryption process as it is known.
Last April, the creator of Signal, Moxie marlinspike, explained that he wanted to add payments to the encrypted video calling and texting app to match the features of rivals like WhatsApp and Facebook Messenger, while bringing Signal’s lauded privacy protections to currency transactions.
How Regulators Might Respond Under Potential Anonymous Cryptocurrency Payments
India it is trying to implement rules so that any message sent over the Internet is “traceable”, thus breaking the encryption. Meta-owned WhatsApp sued the Indian government last year to prevent the rules from taking effect.
The European Union It is also looking for ways to limit or break encryption entirely, albeit a little less aggressively than India.
In U.S, the debate over encryption has largely stalled – companies are sometimes asked to be more picky about law enforcement, especially after notorious crimes. In addition, there are laws against money laundering and KYC in this country.
At this time, You cannot buy MobileCoin from a US-based IP address. But the risk is that prosecutors may still be able to use existing law to push encryption, first on Signal and possibly later on the Web.
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