Australian authorities will be able to seize or freeze cryptocurrencies

Australian lawmakers have developed new legislation that will allow the Australian authorities to seize or freeze cryptocurrencies related to cybercrime. What else does the Australian government propose?

Australia vs. computer criminals

The Australian government this week came up with new measures to monitor cybercrime. The new legislation comes at a time when the country is facing a 60% increase in cyber attacks on Australian businesses and government agencies.

The government aims to modernize current legislation to make it easier for the authorities to try to recover cryptocurrency funds stolen by hackers. Home Secretary Karen Andrews said in a recent interview that the new measures should discourage international hackers from targeting Australian companies.

“Our strict new laws will address this online crime and hit cyber fraudsters where it hurts the most – their bank balances. The handling of stolen data and the purchase and sale of malware used in ransomware attacks will also be criminalized. “

Australia has faced frequent attacks on government agencies and large companies in recent months. The newly formed Australian group, which deals with ransomware attacks, claims that most of the attacks come from Russia. These attacks are estimated to cost the economy approximately $ 1 billion.

Conclusion

Australia has developed legislation for cryptocurrencies in the past, but new legislation could flood hackers and other criminal elements. These attackers shed a bad light on the entire cryptocurrency industry. Let us hope, however, that this power will not be abused by the authorities.