The US military is getting involved with cryptocurrency transaction monitoring

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Posted on: July 15, 2020 7:10 pm EDT

The armed forces want input on how to better track cryptocurrency activity anywhere in the world

Another US authority is about to get involved in the cryptocurrency world, and it is expected to assist in monitoring transactions. The US Division of Protection and the US Military posted on July 10 a request for info (RFI) with the name of “cryptocurrency investigative web-based application.” According to the website, all information submitted in response to the request is done voluntarily.

“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,” explains the notice. This request basically means that the solicitor is asking for access to a crypto investigation service referred to as the “Software-as-a-Service (SaaS) solution,” which will be used to help the criminal investigations and other missions part of the US Army Criminal Investigation Command (USACIDC).

According to the USACIDC, this organization is in charge of conducting legal investigations worldwide, wherever there are US military interests. The agency also added, “Utility should permit customers to conduct [an] in-depth investigation into the supply of cryptocurrency transactions and offers multi-currency evaluation from bitcoin to different prime cryptocurrencies.” The service that will be used will offer a “real-time bitcoin and other cryptocurrency transaction tracing” and “be able to spot transaction patterns and interactions with other entities.” This request will offer a 12-month contract, with the option to extend it for four more years. The dateline to submit requests is July 20.