In an official statement, members explained that the idea came because of the recent events of ransomware attacks all arount the world.
At the same time, those involved in the project argue not to violate user privacy rights.
“The consortium will analyse legal and ethical requirements and define guidelines for storing and processing data, information, and knowledge involved in criminal investigations without compromising citizen privacy,” said Ross King, senior scientist for the Austrian Institute of Technology (AIT) that is one of the research institutions involved in this project.
That the EU would take this approach is not surprising as they previously pushed aggressively for greater control on cryptocurrency users back in 2016, with the European Parliament following suit earlier this year.
Read more about bitcoin regulation in Europe by clicking here.