24 February 2014

Australian Government Tracks All Bitcoin to AUD Conversions

The Australian government is keeping a close eye on bitcoin, but not on the regulatory front. Rather, it is tracking every conversion from bitcoin into Australian dollars, and vice-versa.


The government agency doing the snooping is the Australian Transaction Reports and Analysis Centre (Austrac). The centre is tasked with countering money laundering and terrorist finance, so it is only logical that it would track anonymous transactions.


Tracking bitcoin-related transactions


Austrac CEO John Schmidt told lawmakers that Australia collects data on all international fund transfers, including bitcoin conversions, ZDnet reports.


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February 24, 2014 at 05:00PM