Germany and Austria fund a bitcoin organized crime research project

Investing | May 9, 2016 By:

The Austrian and German governments are funding a research initiative that aims at prevention and prosecution of “organized financial crime” committed with virtual currencies.

Dubbed ‘BitCrime’, the initiative is backed by a number of governmental agencies in the two countries, and is split into two sub-projects.

The German subproject has a volume of 1.8 million euros, funded at a rate of 81% by the BMBF and the project funding is managed by the VDI Technology Center. The Austrian subproject has a volume of 635,000 euros, funded at a rate of 80% by the BMVIT and the project funding is managed through the Austrian Research Promotion Agency (FFG).

The project comes at a time when the European Parliament has proposed a task force for virtual currencies. A recent vote in the Economic and Monetary Affairs committee of the European Parliament is also pushing for the Anti-Money Laundering Directive to include digital currency exchanges under its purview.