Australian Project Enables Bitcoin And Monero Direct Swaps

June 02, 2021, 11:00 AM AEST - 1 month ago

COMIT Network, an Australian-based decentralised exchange (DEX), now allows atomic swaps between Monero and Bitcoin.

This means users can directly swap Monero (XMR) for Bitcoin (BTC) without intermediaries. This is currently only available on wallets that support the new functionality. Modern crypto wallets such as Samourai Wallet proved earlier this month that atomic swaps using XMR is working.

“The decentralized Monero exchange technology is here, so now it’s a race for wallets to provide the best user experience. With such high user demand for easy and private peer-to-peer exchanges, it’s only a matter of time before wallets widely implement them.”

Justin Ehrenhofer, an organiser of Monero Space.

The Monero community is working with the Australian COMIT project to build a PoC (Proof of Concept) DEX for the BTC-XMR direct swaps.

Traders Are Using Monero To Avoid Taxes

Monero is best known for its private and fungible characteristics, like hiding the sender, receiver and amount details for all transactions. This allows crypto traders to use XMR to avoid crypto taxes.

This is made possible as XMR uses a special advanced cryptography to facilitate anonymous transactions on decentralised exchanges. This makes it very difficult to prove who actually owns a Monero token.

The Australian Tax Office (ATO) warned crypto traders to report their cryptocurrency holdings in this years tax returns, which could directly affect up to 600,000 aussies.

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