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Interpol Battles Bitcoin Crime With Own Cryptocurrency

No matter how hard mainstream bitcoin enthusiasts work to give the digital currency a good name, there's always going to be another bitcoin criminal to slander its reputation.

And with more transactions going online — bitcoin included — it's getting harder to keep up with the pace of cybercrime. That's why INTERPOL created an international anti-cybercrime center to develop its own digital currency to help battle crime that's committed using cryptocurrencies like bitcoin.

Known as the INTERPOL Global Complex for Innovation (IGCI), which opened last month in Singapore, the facility marks the organization's first foray into an official center to research cybersecurity issues. INTERPOL also plans to use its own technology to develop a digital currency to be used for testing purposes.

“It’s a virtual world that we have created, and personnel can come and operate these things and learn by operating them,” IGCI Director of Cyber Innovation and Outreach Madan Mohan Oberoi said in an interview with The Straits Times.

“We felt that these things, if you try to teach people from a policing background through PowerPoint presentations, it doesn’t make too much sense. Let them play around and learn more.”

Because bitcoin, digital currency and cybercrime matters are getting increasingly more difficult to tackle for authorities, having help from the private sector might generate some real-world solution to tackle the security matters that impact both the private and public sectors.

"Cybercrime is a domain where information and expertise lie outside the domain of law enforcement agencies, so we have to reach out to other stakeholders ... consult each other and work closely together," Oberoi told the newspaper.

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