3 Reasons US Army Want To Track Cryptocurrency Transactions

If the US Army have the way, one thing that makes cryptocurrency anonymous may be defeated. This is because they’ve requested information on web-based crypto tracking tools.

The tools according to report, would enable the U.S. Department of Defense and the U.S. Army to conduct in-depth investigations into the source of crypto transactions and provide multi-currency analysis from bitcoin to other top cryptocurrencies, news.bitcoin reported.

3 Major Reason Why US Army Plan To Track Cryptocurrency Transactions?

  1. To track fraud,
  2. To track extortion,
  3. To curb money laundering and other illicit activities.

In recent times, report say online fraudsters have explored us of cryptocurrencies to carry out their dubious transactions which is believed to be hampering government’s effort at curbing online fraud.

Earlier today, the U.S. Department of Defense and the U.S. Army posted a request for information (RFI) entitled “cryptocurrency investigative web-based application,” which was published on the U.S. government’s website on July 10.

“The U.S. Army Contracting Command-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,” it states.

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The notice further states that:

The application must enable users to conduct in-depth investigation into the source of cryptocurrency transactions and provides multi-currency analysis from bitcoin to other top cryptocurrencies.

With this, it means that the USACIDC’s Major Cybercrime Unit in Quantico, VA, will administer the service but users can be located anywhere in the U.S. and overseas.

Intended users of the tools to track crypto transactions include:

  • Federal Bureau of Investigation (FBI),
  • Drug Enforcement Administration (DEA),
  • Securities and Exchange Commission (SEC),
  • Transportation Security Administration (TSA),
  • US Immigration and Customs Enforcement (ICE),
  • Internal Revenue Service (IRS).

The pan to track Crypto transaction came after the U.S. Department of Homeland Security and the Secret Service awarded a contract for blockchain analytics software to Coinbase.

The request’s accompanying Statement of Work (SOW) describes that the contractor must provide “access to a reliable cryptocurrency investigation service, also referred to as a Software-as-a-Service (SaaS) solution required for use in criminal investigations and the other missions conducted by the US Army Criminal Investigation Command (USACIDC).”

The USACIDC is the premier Military Criminal Investigative Organization within the Department of Defense, responsible for conducting worldwide criminal investigations wherever there is a U.S. Army interest.

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