Government officials still express major concerns regarding Bitcoin. Most officials see this form of money as a tool for money laundering. As such, police forces all over the world need to receive proper training to deal with these new threats now and in the future.
Training Police Officials Is Critical
Dealing with suspicious Bitcoin transactions is not straightforward. Although this cryptocurrency is completely transparent, there is a lot of information to take in. Analyzing transfers for potentially suspicious behavior poses many different challenges. Blockchain analysis firms can only do so much to help. It is now up to police forces to take matters into their own hands.
The City of London Police is exploring new educational efforts in this regard. The agency wants to educate fraud investigators on Bitcoin and potential money laundering concerns. Several warnings regarding Bitcoin’s involvement in money laundering have been issued over the years. Remaining one step ahead of the criminals is key in this regard.
It remains unclear what this course entails exactly. London has shown an increasing interest in launching a “cyber court.” This location will be an educational center for police officials to remain ahead of cybercrime threats. Cryptocurrency behavior is worth keeping tabs on in this regard. Criminals still favor Bitcoin in this regard, despite its lack of privacy and anonymity.
Cryptocurrency Gains More Traction
It is evident the cryptocurrency boom causes all kinds of consequences. Negative allegations associated with the world’s leading cryptocurrency will only become more apparent. This is a very unfortunate side effect of cryptocurrencies gaining more popularity. Certain individuals will always look for ways to push the limits of what is legally allowed.
This new London Police training course may set a global precedent. Cryptocurrencies can no longer be ignored. Despite their positive potential, there are also a lot of crime-oriented concerns to take into account. Money laundering a very serious criminal offense which needs to be nipped in the bud. Removing the criminal activity from Bitcoin will bring more legitimacy to cryptocurrency industry as a whole.
Police officials have scored multiple successes in apprehending criminals using Bitcoin. Anyone using the dark web for illegal activities is subject to legal scrutiny sooner or later. It is another example of how Bitcoin is not a tool for criminal activity. Anyone perceiving it as such does not understand how cryptocurrencies work.
What do you think about London police officers getting training in cryptocurrency? Let us know in the comments below.
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Author: JP Buntinx