Business
Criminals in Italy, Germany increasingly using cryptocurrencies
Criminals in Italy and Germany are increasingly making use of cryptocurrencies, according to the customs directorate in Bonn.
“The use of cryptocurrencies for online payment in the context of criminal offences is clearly on the rise,’’ the directorate said in a statement.
According to investigators’ findings, in most cases the perpetrators use Bitcoin and the currency Monero.
Cryptocurrency is a digital payment system that doesn’t rely on banks to verify transactions.
Instead of being physical money that is carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database that describe specific transactions.
Cryptocurrencies were used in the context of criminal offenses to completely anonymise ordering and shipping procedures for illicit products or services.
In Italy, organised crime had also discovered cryptocurrencies in recent years.
For mafia organisations, anonymity and quick transactions were advantages, which were why they use these payment methods, according to the Italian DIA anti-mafia police.
Mafiosi especially, use digital currencies in drug trafficking.
Neither German nor Italian police authorities provided precise information about operations, sums or damage.
Continue Reading
-
Football4 days agoFrance confirms U-20 Women’s World Cup participation amid FIFA-UEFA rift
-
Business4 days agoNigeria’s external debt service falls 31.5% to $954m in Q1 2026
-
Latest4 days agoMessi reportedly faced multiple bomb threats during 2026 World Cup
-
Football2 days agoWAFCON 2026: Super Falcons battle South Africa for World Cup play-off spot
-
Featured4 days agoOsun Governorship Election: Adeleke faces tough test as APC, ADC mount challenge
-
Latest4 days agoNFF denies calling for Infantino’s resignation
-
Business4 days agoNNPC faces fresh scrutiny over oil licensing, production claims, transparency
-
Business4 days agoNaira at ₦1,360/$: Can the currency’s new stability last?