Cryptocurrency

Army the US wants to create app for tracking crypto

For years we discuss about the advantages and disadvantages of the anonymity implicit in many of the transactions with cryptocurrencies. However, one of the countries where it has generated controversy is in the united States, especially now that the army wants to track the transactions with cryptocurrencies.

What is creating this initiative to track cryptocurrencies with an application?

Recently it was disclosed that the Command’s Criminal Investigation of the Army of EE. UU. (USACIDC) is looking for an application that allows you to track transactions of cryptocurrencies.

In accordance with the public records, the U.s. army is looking to improve its research capacities of cryptocurrencies. The justification is that they want to limit the criminal activities in which are involved the cryptocurrencies with the development of this application.

In more detail, the Command of recruitment of the Army of the united States in New Jersey is investigating the market in search of potential contractors capable of providing a license for an application in the cloud.

The idea is that this application can help police identify and stop the players that use cryptocurrencies for illegal activities. Among them, we have to, fraud, extortion and money laundering.

Again, what is at the heart of the matter is that the Army says that it needs to track Bitcoin and other cryptocurrencies major that could be used for illicit activities.

So, the intention is that the application allows to perform research on the origin of transactions with cryptocurrencies as Bitcoin and altcoins main.

However, this type of projects are not new in the world. Previously congressmen, politicians, and personalities of the world have commented on how necessary might be this. As well, many government agencies are seeking to improve their tracking capabilities of cryptocurrencies.

The army in the united States wants to create an app to track cryptocurrencies, what opinarías you about it?

Will it be possible to achieve this application?

By itself the idea that Bitcoin is based on blockchain is to ensure transparency of movements without the need of compromising identities in the process. However, the challenges and risks of these are known and taken into account by regulators around the world.

Similarly, there are some events that affect the public image of the cryptocurrencies. This was the case when few days ago a group of hackers took to the social networks of great personalities of the world of cryptocurrencies, policy, and technology to promote a scam with Bitcoin.

However, it would be illogical to think that the scam emerged by the existence of cryptocurrencies by the simple use of having used Bitcoin. In such a case the hacking was done to the system of Twitter, not to that of Bitcoin.

While these debates continue to be generated, so do the scams that seek to take hold of cryptocurrencies. But, at the same time arise tools that seek to support the monitoring and transparency of these criminal activities.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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