US Army To Track Crypto Transactions?

An unsettling piece of news just surfaced these days.

It’s been recently revealed that the U.S. Army Criminal Investigation Command (USACIDC) is looking for a web-based application that will allow it to trace crypto transactions.

The US Army to track crypto transactions?

According to public records, the U.S. Army is looking to enhance its cryptocurrency investigative capabilities. The Army says it needs the application to limit criminal activities where cryptocurrencies are involved.

“The U.S. Army Contracting – New Jersey (CC-NJ) located at Fort Dix, NJ is surveying the market for potential contractors capable of providing one license for one user of a cloud, web-based application capable of assisting law enforcement to identify and stop actors who are using cryptocurrencies for illicit activity such as fraud, extortion, and money laundering,” according to official notes.

It’s been also revealed by the online publication the Daily Hodl that the Army says it needs to track Bitcoin and other digital assets that could be used for illicit activities.

“Application must enables [sic] users to conduct in-depth investigation into the source of cryptocurrency transactions and provides [sic] multi-currency analysis from Bitcoin to other top cryptocurrencies…” according to the official notes.

The reports continue and say that “This is a requirement for an already developed web-based application that meets the requirements of the attached Statement of Work (SOW).”

Also, it has been revealed that a lot of the government agencies are looking to boost their crypto tracing capabilities.

Coinbase was awarded a multiyear contract by the Secret Service

The online publication the Daily Hodl also noted that recently, Coinbase was awarded a multiyear contract by the Secret Service.

In other news, Coinbase made headlines not too long ago when Coinbase CEO Brian Armstrong said that crypto is the next phase in the evolution of the global monetary system, but he also warns newbies.


People Mentioned

Brian Armstrong
Brian Armstrong

Brian Armstrong is the co-founder and CEO of Coinbase, one of the largest crypto exchanges in the world (its reported Coinbase holds 966,230 Bitcoin ($7B) in Cold Wallet). Prior to his involvement with the blockchain and Coinbase, Armstrong worked at Deloitte and Touche as an Enterprise Risk Management Consultant.

Companies Mentioned

Coinbase
Coinbase

Coinbase is a digital currency exchange headquartered in San Francisco, California.

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Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

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