Monero [XMR]’s scheduled network update amidst the Canadian bank clampdown

Monero, the 12th largest digital currency in the world is trading at a price of $170.53 as seen at press time and is worth a market cap of $2.7 billion.

The Monero GUI software’s next version v0.12.0.0 “Lithium Luna” will be released tomorrow, April 6th. It is scheduled for a major update as it is expected to increase the minimum ring signature size sorts inputs, and slightly change the proof-of-work algorithm to prevent DoS attacks by ASICs. A number of major improvements to Monero, as well as a large set of bug fixes, will be taken care of in this release of the software as claimed by Monero.

Monero’s recent tweet

Along with this news is a bank clampdown which might possess a threat to Monero’s [XMR] price. A Canadian bank declared it would no longer allow consumers to purchase digital currencies using Interac debit cards. Monero might have been banned with the bank clampdown bringing bad news to investors. A Bank spokesman confirmed the ban stating the same.

This might prompt traders to lose hope and can negatively affect the virtual market. This was rumored before the spokesperson’s statement started swirling around on Reddit with pictures and their own perceptions of an alleged email sent to the bank employees stating the decision. It said that it was due to the “volatile nature” of digital currencies. This decision will supposedly protect the security of the bank and its clients.

The Bank officials stated:

“As a financial institution, we have an obligation to assist in the fight against financial crime and money laundering. It is important for us to secure ourselves from anti-money laundering and these virtual currencies do not provide enough transparency to hold up to our obligations. This is why we have to discontinue cryptocurrency trading on our platforms.”

A Twitterati commented:

“Monero is the most secure and everybody knows that there is no other coin which gives importance to privacy as much as XMR does. This one silly bank can not alter XMR’s prices. I believe in Monero and I know the entire market does. Monero is the best coin.”

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