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Interpol official says cryptocurrencies related crimes are big challenges

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Interpol official says cryptocurrencies related crimes are big challenges 18

Jürgen Stock noted that there is a need for better training to enhance the potential of the agency to trace crypto-related activities to fight easily against crypto crimes. 

On one side cryptocurrencies are giving opportunities for people in terms of job, and investment options but the opposite of this positive thing there’s a bad side where some bad actors are using crypto for their illegal activities. No doubt that crypto transactions remain fully public and anyone can trace & see the fund transactions easily but opposite of this there are some anonymity focussed cryptocurrencies, where it is almost impossible to trace the fund transactions.

On 17 October, Business Standard reported that The International Criminal Police Organization (Interpol) decided to take one step closer to the crypto sector, to understand this sector and also to help the member countries to fight against illegal activities associated with cryptocurrency funding, via a dedicated branch. 

Jürgen Stock, general secretary at Interpol, said that there are many countries where the crypto space is either not under a much better regulatory framework or there is no framework and these things are creating a very big problem to deal with the crypto financial crimes. 

Speaking during the agency’s general assembly in India, Stock said that in the upcoming years the agency will focus on cybercrime & cryptocurrencies as the main agenda to prohibit all possible illegal activities.

“Huge developments in technology, internet of everything and digitalization – because of cryptocurrency – pose a challenge to law enforcement, because very often, they (agencies) are not properly trained and properly equipped from the beginning,” an Interpol official said.

The secretary-general also said that agency is working under the vision 2030 protocol to target cybercrime, terrorism, and crimes against children. 

In the past, Interpol collaborated with Government as well as private agencies to fight against the illegal activities linked with cryptocurrencies 

Read also: Islamic Coin may become like Bitcoin, co-founder says

Interpol official says cryptocurrencies related crimes are big challenges

 

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