Home Office: UK Should Create a Crime-Fighting Cryptocurrency
The UK Home Office believes the government should consider creating its own digital currency that limits anonymity and increases the traceability of transactions. In a response to the Treasury's call for information on digital currency, the Home Office highlighted both the positives and negatives of existing digital currencies, such as bitcoin. The government department, which is responsible for immigration, counter-terrorism, police and drugs policy, recognised the low cost of transactions and increased speed of payments provided by digital currencies. However, the document, which was....
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Police officers, spies and tax collectors from Her Majesty's Revenue and Customs met in London yesterday to discuss approaches to alternative currencies. "The Future of Money" conference considered the implications for tax, crime fighting and espionage if Bitcoin, or a similar system, wins widespread adoption. The meeting was attended by staff from HMRC, Serious Organised Crime Agency (SOCA), the Home Office and GCHQ. A spin doctor for the Revenue told the FT one idea was to establish a regulated exchange which forced customers to reveal their identities. Several exchanges worldwide have....
For some users, reversibility runs up against the idea of the blockchain. However, it could be a critical tool for fighting hackers and encouraging the mass adoption of cryptocurrency. A proposal out of Stanford University to make crypto transactions reversible is adding a wrinkle to discussions of crime and fraud prevention. Researchers suggested that mutability — the ability to reverse blockchain transactions — would help prevent crime.One of the advantages of cryptocurrency is that it is possible for the market — individuals, traders and banks — to decide if reversibility is wanted. Not....
Australian police have raided the Sydney home and office of Craig Steven Wright, the man alleged to be bitcoin's inventor as the anonymous Satoshi Nakamoto. Australian Federal police in Sydney have raided the home and office of Craig Wright who is identified as the creator of bitcoin. According to The Guardian, more than 10 police personnel arrived in Gordon, a Sydney suburb to raid a home belonging to Craig Wright. The raid was conducted not long after WIRED and Gizmodo revealed investigations leading the publications to believe they may have discovered bitcoin's creator. The Guardian....
Abuse expands with use in the case of cryptocurrency, Europol has acknowledged while also noting that blockchain technologies offer authorities a new opportunity to fight crime. Europe’s law enforcement agency also says they can help investigate money laundering networks.
Understanding Cryptocurrencies Is Vital to Tackling Organized Crime, Europol Says
The growing use of cryptocurrency across borders and industries comes with increasing abuse, new forms of crime, and money laundering, the European Union Agency for Law Enforcement Cooperation (Europol) has concluded after....
A study by blockchain analytics firm Chainalysis finds that cryptocurrency-related crime has fallen significantly. The criminal share of all crypto activity fell to just 0.34% in 2020. This contradicts recent statements by U.S. Treasury Secretary nominee Janet Yellen and ECB President Christine Lagarde that cryptocurrencies are mostly used for illicit financing. Crypto Crime Plummeted in 2020 Chainalysis shared some findings from its 2021 Crypto Crime Report this week. While acknowledging that “cryptocurrency remains appealing for criminals as well due primarily to its pseudonymous....