If it were up to government officials, Bitcoin and other blockchain-based transactions will be closely monitored moving forward. The European Commission has unveiled a new plan to make sure criminal use of virtual currencies will be nipped in the bud. With the introduction of Project Titanium it is evident more scrutiny will come Bitcoin users’ way in the future.Project Titanium can Become a big Problem
Every time a government agency launches a project to monitor blockchain transactions, there is plenty of reason for concern. In most cases these projects needlessly scrutinize legitimate cryptocurrency users, yet do virtually nothing to prevent criminal activity using these payment methods. No one will deny Bitcoin and other currencies can be used for nefarious purposes, but the vast majority of transactions are perfectly legitimate.
For some reason, the European Commission feels they need to do something extra to fight the criminal use of the dark web and virtual currencies. Going after the criminals residing on the darknet is never a bad idea. These groups of people have been causing significant damages and earned a lot of money by going after consumers and corporations. Ransomware for example, is a favorite tool among cybercriminals which often results in victims making a Bitcoin payment.
Blockchain technology utilized by Bitcoin and other virtual currencies is decentralized, which makes it impossible to control. In fact, the European Commission acknowledges how blockchains “evade traditional investigate measures.” It is evident some tools will need to be developed to allow for proper blockchain analysis. Various companies in the cryptocurrency space are already working on such solutions as we speak.
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