REGULATIONS

Germany and Austria will study the use of cryptocurrencies by organized crime groups

The governments of Germany and Austria have funded a joint research project aimed at studying the use of digital currencies in the activities of organized criminal groups. The initiative called BitCrime is divided into two subprojects and it was supported by several government organizations in these two countries.

That part of the initiative, for which Germany is responsible, is financed by the Federal Ministry of Education and Research and has a budget of € 1.8 million (about $ 2 million). Also in the study involved the Federal Office of Criminal Police, University of Münster and several other federal agencies responsible for combating crime and financial supervision.

The Austrian part of the project has a budget of € 635,000 (about $ 725,000) and is primarily supported by the Federal Ministry of Transport, Innovation and Technology, the Austrian Institute of Science and Technology, and the Federal Ministries of Finance and Interior.

The explanatory memorandum accompanying the draft states:

“The joint project will evaluate this subject and related threats with the goal of developing an innovative and working approach to the regulation of virtual currencies, consistent with their fundamental nature. The project seeks to develop effective, internationally applicable and compatible solutions for Europe and other countries. “

As noted, German researchers are engaged in developing “technical and organizational approaches” to this issue and for this purpose will create an appropriate test environment. Their Austrian colleagues will study the analytical methods of investigation, which feature digital currencies. Special attention will be paid to the issues of darknet.

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blockchain, ICO, bitcoin, ethereum, mining

REGULATIONS


Germany and Austria will study the use of cryptocurrencies by organized crime groups

Published by blockchain, ICO, bitcoin, ethereum, mining