British Commonwealth Adopts Blockchain to Fight Cross-Border Crime
The British Commonwealth announced on 3rd May that there is a project to develop a Blockchain app to combat cross-border crime. A secure messaging system will be created to help law enforcement and prosecutors in member countries to co-operate more effectively in criminal investigations. The planned project was announced at the 3-day virtual currency and blockchain conference, Consensus2016, which commenced on 28th April in New York. Built on the blockchain technology which supports virtual currencies such as Bitcoin it will be a record of digital events which can only be updated by....
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The Commonwealth is a voluntary association of 53 independent and equal sovereign nations that has formed a Commonwealth Virtual Currencies Working Group to discuss bitcoin and its potential impact on their economies. Most of the nations in this group were formerly under British rule, but it includes some of the world's largest, smallest, richest and poorest countries, spanning five regions. Commonwealth countries are supported by an active network of more than 80 intergovernmental, civil society, cultural and professional organisations. The virtual currencies specialist group is made up....
The Commonwealth Virtual Currencies Working Group will meet for the first time next week to discuss the management of cryptocurrencies, such as bitcoin. The specialist group, formed by the Commonwealth - a voluntary association of 53 independent countries, almost all of which were formerly under British rule - is made up of members from the Commonwealth Secretariat, Australia, Barbados, Kenya, Nigeria, Singapore, Tonga and the UK. Along with the International Monetary Fund (IMF), the World Bank, intergovernmental organisation Interpol and the United Nations Office on Drugs and Crime....
The Russian President held a meeting with the attorney general’s office where cryptocurrencies came to the discussion table. Vladimir Putin raised red flags toward taking measures to prevent illegal activities on cross-border transfers with cryptos. Putin Calls Other Offices to Join the Fight Against the Usage of Cryptos for Illicit Purposes According to a transcript made public on the Kremlin’s official site, Putin considered that the General Prosecutor’s Office should keep engaged in strengthening financial monitoring. That being said, the Russian President pointed....
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....
Bitcoin looks suitable for Russia’s crypto cross-border payments at first glance, but there are many reasons why such a choice is highly questionable. Despite Russia pushing the idea of using cryptocurrencies for cross-border payments, it still remains unclear what digital asset exactly the government plans to adopt for such transactions.Russian authorities are quite unlikely to approve the use of cryptocurrencies like Bitcoin (BTC) for cross-border transactions, according to local lawyers and fintech executives.Bank of Russia needs to control cross-border transactionsIt’s “highly....