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Austrac is watching Bitcoin transactions

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eaglespirit

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Location: Sydney, Australia

A brief article - Australian Government Tracking AUD-to-Bitcoin Conversions - includes the statement: “Because we get the international funds transfers instructions, it is possible using other intelligence sources to identify transactions where people are purchasing bitcoins.”

So, it may be prudent not to be overly confident of privacy in transactions.

Read the full article here: http://newsbtc.com/2014/02/24/australian-government-tracking-aud-bitcoin-conversions/

Posted on January 23, 2015 at 4:24 PM

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• HODL

  

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  Posts: 40

  If you use stealth addresses and never convert back to fiat there shouldn't be a problem. Could be a problem for people uses bitcoin for remittances where a lot of fiat could be transferred and flagged as 'suspicious'.

  Posted on January 23, 2015 at 7:17 PM
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• odolvlobo

  

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  You have misinterpreted the article. The article talks about tracking funds wired to and from foreign exchanges. That doesn't mean they can track all conversions, and it doesn't mean they are tracking transactions.

  Posted on January 23, 2015 at 8:11 PM
  Last Edited: January 23, 2015 at 8:19 PM
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• AdamPoulton

  

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  Location: Australia

  Agree, the article is a bit confusing.

  Posted on February 3, 2015 at 4:29 PM
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