Cryptocurrency

The U.S. Army Department is looking for tools to track cryptocurrency transactions

The U.S. Army Department intends to use an existing cloud-based tool to track transactions involving Bitcoin and other cryptocurrencies.

A federal agency, part of the U.S. Department of Defense that controls the U.S. Army, is planning to implement a cloud-based tool that will help the Army Criminal Investigation Department Command track cryptocurrencies and analyze transaction sources. At the same time, an official request indicates the need to gain access to an already working web platform.

According to the description, the agency is looking for “potential contractors who can provide a license for a cloud-based web application that will help law enforcement agencies identify and suppress the actions of entities using cryptocurrencies for illegal activities, such as fraud, extortion and money laundering.”

The request also notes that the application should allow “to conduct an in-depth study of the source of cryptocurrency transactions and provide multicurrency analysis for both bitcoin and other leading cryptocurrencies.” The Ministry set a deadline for filing applications on July 20 with the possibility of concluding a basic agreement for one year and prolonging it for another four years.

Recall that earlier this month, the United States Internal Revenue Service (IRS) said it was looking for tools to track transactions with confidential cryptocurrencies and analyze second-level protocols like the Lightning Network. 

In addition, it became known last month that the Coinbase exchange plans to license its blockchain analytics software so that it can be used by US federal agencies, in particular the Drug Enforcement Administration (DEA) and the Internal Revenue Service (IRS).

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