Backed by €5m in funding from the European Union, the initiative, dubbed “Tools for the Investigation of Transactions in Underground Markets”, or TITANIUM, will probably be carried out over the following three years.
Participants embody Interpol, Interior Ministries from Spain and Austria, Finland’s National Bureau of Investigation, and University College London, amongst others.
In statements, the mission’s backers cited a current wave of ransomware attacks across the globe, pointing to the occasion as a justification for beefing up the flexibility to monitor cryptocurrency funds.
At the identical time, these concerned pledged not to violate consumer privateness rights.
“The consortium will analyse legal and ethical requirements and define guidelines for storing and processing data, information, and knowledge involved in criminal investigations without compromising citizen privacy,” mentioned Ross King, senior scientist for the AIT Austrian Institute of Technology GmbH, one of many analysis establishments collaborating.
That the EU would take this method – not to mention fund one – is probably unsurprising, given previous efforts and statements from leaders and officers of the financial bloc.
The EU’s govt department, the European Council, started pushing aggressively for greater oversight of digital currency customers in early 2016, with the European Parliament following suit earlier this 12 months.
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