The advantages and disadvantages of the anonymity implicit in many of the cryptocurrency transactions have been discussed for years. However, one of the countries where it has generated the most controversy is in the United States, especially now that the military wants to track transactions with cryptocurrencies.
What is this initiative generating to track cryptocurrencies with an application?
It was recently revealed that the U.S. Army Criminal Investigation Command (USACIDC) is looking for an app that allows it to track cryptocurrency transactions.
According to public records, the United States Army is seeking to improve its cryptocurrency research capabilities. The justification is that they want to limit the criminal activities in which cryptocurrencies are involved with the development of this application.
In more detail, the U.S. Army Recruiting Command in New Jersey is investigating the market for potential contractors capable of providing a license for a cloud application.
The idea is that such an application can help the police to identify and arrest the actors who use cryptocurrencies for illicit activities. Among them we have fraud, extortion and money laundering.
Again, what is at the heart of the matter is that the Army says it needs to track Bitcoin and other major cryptocurrencies that could be used for illicit activities.
Thus, the intention is that the application allows to carry out investigations on the origin of transactions with cryptocurrencies such as Bitcoin and main altcoins.
However, these types of projects are not new to the world. Previously, congressmen, politicians and personalities of the world have commented on how necessary this could be. Thus, many government agencies seek to improve their cryptocurrency tracking capabilities.
Will it be possible to achieve this application?
In itself the idea that Bitcoin is based on blockchain is to ensure transparency of movements without the need to compromise 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 cryptocurrencies. This was the case when a few days ago a group of hackers took the social networks of great personalities from the world of cryptocurrencies, politics and technology to promote a Bitcoin scam.
However, it would be illogical to think that the scam arose from the existence of cryptocurrencies simply by using Bitcoin. In such a case the hack was done to the Twitter system, not to the Bitcoin system.
As these debates continue to spawn, so do scams that claim to take over cryptocurrencies. But, at the same time, tools are emerging that seek to support the monitoring and transparency of these criminal activities.