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EU and Interpol to combat Bitcoin Money Laundering

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The Bitcoin prices are trading in a sideways market, enjoying a long term confidence that the currency lacked previously.  The adoption is on the rise and the currency is looking in its best shape of the past two years.  Let’s see globally what has been happening on Bitcoin front that might have impact on prices:

Eu and Interpol launch Digital Currency working group:

Europol, the European Union’s top law enforcement agency, has co-founded a new working group dedicated to digital currencies. The initiative is being co-led by Interpol, the intergovernmental organization focused on law enforcement issues. The working group will involve the organization of collaborative workshops and a global network comprised of subject matter experts.

Scales of justice and gavel on desk with dark background that allows for copyspace.

Europol said in a statement:

“Internet technologies become continuously more advanced, and so do the ways in which criminals utilize them for their illicit and illegal activities. Among these technologies, digital currencies are already transforming the criminal underworld.”

The group formed through a tripartite partnership between Europol , INTERPOL, and Basel Institute on Governance . The institute is a prominent intergovernmental organization that facilitates international police cooperation. The major focus of the group would be to tackle money laundering through virtual currencies.

Unocoin and LocalBitcoins: Two different stories:

bitcoin-india

Indian bitcoin exchange Unocoin recently announced its over-the-counter (OTC) marketplace. The company, founded in 2013, has over 90 thousand customers and a growth rate of 10-20% per month. It has launched two feature services, including OTC bulk trading and a new mobile application for iOS users. OTC markets are for traders who want to buy large amounts, without showing their transactions on public order books. Unocoin says it is continuing its mission to bring cryptocurrency feature services to the citizens of India.

While things look positive on Indian front, another Asian country bears a contrasting scenario. Russian authorities have banned LocalBitcoins after conflicting deliberation. The Russian Federal Service for Supervision of IT and Mass Communications, ‘Roskomnadzor’ has been instrumental in the ban. There has been a great debate in Russia over the status of Bitcoin with Government swaying towards negative policies. After announcing that they are planning to make Bitcoin trading legal last month, Russia banned LocalBitcoins on11th of September. The move came as a surprise to most, prompted LocalBitcoins to release a blog post explaining how to continue using the service through a VPN or the Tor browser.

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