Interpol has recently announced the creation of its own cryptocurrency with the intention of understanding abuses and combating virtual currency crime.
According to Dr. Madan Mohan Oberoi, director of Cyber Innovation and Outreach in the Interpol Global Complex for innovation (IGCI) based in Singapore, Interpol is working on a Cryptocurrency project. The initiative stems from an effort to combat virtual currency crime. Dr. Madan Mohan Oberoi
announced Interpol’s program at the “Interpol World” conference, where an executive explained to attendees that the IGCI’s team of 30 experts is working to develop the right tools for this endeavor.
Why is Interpol working on developing a cryptocurrency schema?
According to Dr. Oberoi, the IGCI is designing a cryptocurrency for educational purposes and will be used in a specially-designed training simulation program that reproduces cryptocurrency abuses.
Interpol cyber threat researchers, including members of Kaspersky Lab, have recently discovered a serious vulnerability in the virtual currency scheme. The flaw is located in the 'block chain' associated with virtual transactions and could be used to transmit a code embedding malware or other illegal elements, including images of child abuse.
Exploiting the vulnerability allows malware attackers to design a new generation of malicious code with a modular structure.
The approach proposed by Dr. Oberoi is very effective, the only way to prevent criminal activities is to learn the techniques, tactics and procedures of criminal crews.
Carrying out this type of research and identifying new cyber threats is among the key objectives of the creation of the Interpol Global Complex for Innovation. Having identified this threat, it is now important for Interpol to disseminate knowledge to the public and law enforcement agencies, as well as to encourage support from the communities working in the field of cybersecurity to find solutions to a possible exploitation of Blockchain,
said the Executive Director of IGCI, Mr. Noboru Nakatani.
