A bilateral research initiative sees Germany and Austria funding the project which is focused on organized financial crime specifically committed with virtual currencies.
The project, titled ‘BITCRIME’ will see funding from the German Federal Ministry of Education and Research (BMBF) and the Austrian Federal Ministry for Transport, Innovation and Technology (BMVIT).
The project will see a total of €2.4 million (approx. $2.75 million) and will span a total of 25 months.
Citing the growth of the use of virtual currencies which are independent of central banks or other authorities, the project’s homepage states that virtual currencies are hence “attractive” to those partaking in organized financial crime. The “challenge” also sees prevention and prosecution strategies as “lacking”.
An excerpt from the project’s goal reads:
The joint project will assess the subject [of virtual currencies] and its threat profile in order to develop innovative and workable approaches toward regulating virtual currencies in a way that is compatible with their fundamental nature. The project will strive to develop actionable, internationally applicable and interoperable solutions for Europe