Canadas Fintrac Has Concerns Over Blockchain Anonymity


According to the new report, the Financial Intelligence Agency of Canada, the Financial Transactions and Reports Analysis Center (FINTRAC), is concerned about the anonymity of blockchain Technologies.

Globe and Mail reports that, referring to FINTRAC documents and presentations (received on request), officials have for some time stated that the agency needs to develop new technologies to better analyze the financial data obtained as a result of the growing adoption of Blockchain technologies that work under a cryptographic “veil of anonymity.”

Money laundering is seen as a special area of ​​concern, and this article notes that the Canadian anti-money-laundering regime has been criticized by the Senate Committee of Canada and the international task force on financial measures.

Nevertheless, FINTRAC points out that, by analyzing the address of the cryptocurrency and other data, the persons making transactions can to some extent be identified.

One of the agency’s reports says:

“In these systems, users work pseudo-anonymously, leaving behind a variety of data (for example, cryptocurrency addresses) that can be used to link a transaction to an individual, especially when users do not hide their identity.”

Representative of FinTRAC Darren Gibb said that his agency will respond to the need to eliminate new threats created by cryptocurrencies.

Read more: Bittrex blocks accounts and freezes withdrawal of funds

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Canada prohibits, but the whole other world permits. Forever Canada is late for the whole world. In Europe, ATMs are already installed to exchange bitcoin for the euro, and in Canada even the sale of crypto-currency is prohibited by law

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