Germany will use blockchain technologies to fight cybercriminals

Germany’s Federal Financial Supervisory Authority (BaFin) will use blockchain technologies to detect cybercriminals.

As it has become known, BaFin representatives will cooperate with the German Ministry of Finance and other regulatory authorities, such as the Federal Office for Information Security (BSI), to quickly understand the new system and start using it in practice. Blockchain technologies to fight cybercriminals will be used based on data obtained from the University of Innsbruck in Austria. Representatives of the university stated that blockchain technologies will help detect and prevent financial crimes and cyberattacks at the planning stage, which can only be achieved if blockchain technologies are used correctly.

As a reminder, in July, Germany was recognized as the second country in the world in terms of loyalty to cryptocurrencies. Thanks to a progressive regulatory environment and large investments in bitcoin by the largest companies, Germany has become the largest cryptocurrency «fan» after the United States. The German Ministry of Finance has also recently issued new cryptocurrency taxation rules, according to which no tax is levied on income from BTC and ETH sold 12 months after purchase. Previously, a cryptocurrency owner had to wait ten years to avoid the tax.