Danish firms to work together on Bitcoin security

Bitcoin could take one step closer to universal acceptance as plans for the developmet of transaction validation software were announced this week in Dernmark.

Chainalysis, a company devoted to the provision of anti-money laundering software for Bitcoin, and Nets, a Danish company that specialises in digital payments, have joined forces to work on possible solutions for banking institutions in all the Nordic countries. If successful, it is expected that the programme will help companies to identify suspicious cryptocurrency payments and link them to their actual users.

While this would limit the anonymity of users, it would also provide a big boost for Bitcoin’s standing among financial institutions which have expressed concerns regarding the ability to track Bitcoin users.

Danish firms to work together on Bitcoin security

Danish firms to work together on Bitcoin security

Speaking to Reuters, Michael Gronager, CEO of Chainalysis stated: “We can make risk assessments and analyse blockchain activites. And banks are interested in being able to risk-score customers so they do not end up being used for money laundering.”

The development will rely on the help of Nets, whose customers include hundreds of financial institutions across the Nordic countries, with Danske Bank, DNB and Nordea being some of the most noteworthy. The successful implementation of the software would see Bitcoin gaining a reputation as a safe currency and one that is not open to abuse.

Tracking of cryptocurrency transactions has already begun in Dernmark and the nation’s police are believed to have successfully prosecuted drug traffickers owing to software which allowed them to link bitcoin transactions to their physical user.

This advance can be seen as a double-edged sword for Bitcoin. While it will affect the anonymity that is a cornerstone of the Bitcoin philosophy, it could also lead to more mainstream acceptance of the cryptocurrency as financial institutions and government officials are clearly recognising that Bitcoin is not going away and they need to engage with it.

What does this mean for Bitcoin casinos? Well, if Bitcoin is seen as a legitimate currency by those in the traditional institutions, some of which have been hostile to the cryptocurrency, then it could lead to official recognition as opposed to being dismissed as it has previously been. The upshot for casinos would be that if its security can be guaranteed by the governments in countries with more restrictive approaches to Bitcoin, then there could be a thawing of their posititons in relation to access allowed for Bitcoin. This could then lead to Bitcoin casinos being more easily available in countries such as the United Kingdom and Spain, where doubts over the security of Bitcoin have caused officials to adopt antagonistic positions towards the burgeoning cryptocurrency movement.

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