Tackling Counterfeit Currency the Digital Way
As the rise of bitcoin and other digital currencies continue unchecked, most of the governments across the world are holding back on bitcoin regulations. Bitcoin is a relatively new concept that has the potential to replace fiat currency. The governments are probably taking time to understand and observe the evolution of cryptocurrencies by not hindering its progress with unreasonable regulations. The advancements in computers and internet, along with growth in ecommerce is the driving force behind the emergence of digital economy. Governments are exploring ways to make a transition from....
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Virtually every purchase of these counterfeit bills was paid for in Bitcoin, which remains the primary currency of the deep web. Bitcoin fraud can come in many different ways. An ongoing Europol investigation revealed how a criminal group was selling counterfeit euros on the darknet. Early estimates indicate they earned 160,000 Euros worth of Bitcoin through this method. Police officials arrested eight suspects earlier this week, and several hundred buyers have been identified. The investigation in question is a joint effort by Europol and the Guardia di Finanza in Italy. During this....
Counterfeit goods and ingredient sis a major threat to not just the financial ecosystem, but to the health of consumers around the world. Boston Scientific is the latest company being called out on using counterfeit ingredients, which could severely affect consumer health. If only these companies had used blockchain technology to ensure all of the materials used were genuine, this class action lawsuit would have been prevented. There is no denying the blockchain offers plenty of use cases that will affect the everyday life of both consumers and businesses all over the world. Most consumers....
Counterfeiting is a matter near and dear to all of our hearts, albeit fighting this trend seems all but impossible. Despite best efforts by government officials around the world, more and more counterfeit goods are making their way to legitimate marketplaces near you. Blockchain technology will play an important role in the battle against counterfeit goods, assuming manufacturers are willing to do something about this problem in the first place. To give you an example of how lucrative the counterfeiting business can be, it’s not just about printing fake currency bills. Fake goods, on the....
Europol has revealed the arrests of members of a darknet-based counterfeit currency racket who received over €160,000 in Bitcoin (approx. $172,000). In an announcement, today, Europol, the European Union’s primary law enforcement agency, revealed details of an investigation of a criminal group touted to “one of the biggest vendors of counterfeit euro currency online.” The vendor was active in different marketplaces, Europol added, with accomplices in the Naples area, in Italy. The investigation revealed that the vendor was selling counterfeit 20, 50 and 100 euro notes on the Darknet for....
It has long been said that imitation is the highest form of flattery. The rapid development of technology, shortening the production chains and product life cycle, new distribution models developed by the world’s largest corporations, the progressive shift of retail trade to the web, changes in consumer habits and the ever-increasing dominance of large internet platforms, meant that this sentence should now read: copying is the simplest form of theft. Radosław Krzycki , COO Skey Network According to one of the best current studies of this type, the OECD report on world trade and....