The US government is considering using forensic analysis techniques to track transactions involving the cryptocurrencies Zcash (ZEC) and Monero (XMR). This is according to the Small Business Innovation Research (SBIR) Program published by the US Department of Homeland Security.
This development could have a huge impact on sensitive digital currencies.
“The program involves developing solutions that allow law enforcement agencies to analyze blockchain transactions to prevent cryptocurrency crimes,” the document says.
SBIR proposes a three-phase approach to conducting forensic analysis.
The first stage involves developing a blockchain analysis engine that “would allow law enforcement agencies to verify and monitor cryptocurrency transactions.”
The second stage is related to testing. The tools developed in the first stage will be used for testing. The results will then be shared with interested authorities with instructions on how to use them.
Finally, in the third stage, these analysis methods will be integrated into government structures. Law enforcement agencies will then be able to monitor transactions involving anonymous digital currencies.
While the document does not involve any proposals from the companies themselves, they are encouraged to ask questions regarding this initiative. The deadline for developing tools is December 18, 2018. Therefore, we can expect the emergence of new tracking methods in the 1st quarter of 2019.
You May Also Like
The cryptocurrency market is steadily turning green
Former IMF economist Mark Dow, who went short at the peak of last year's BTC run, closed his position yesterday - sending a signal that the market has finally bottomed out. "I've had enough. I'm tired of trying to bring its price down to zero. I don't want to do this anymore," he said in an interview with Bloomberg. While he didn't mention going long or expecting a bull run, he said he sees a fundamental change in people's perception of cryptocurrency.
Freedom of the Press Foundation Now Accepts Donations in Cryptocurrency
The Freedom of the Press Foundation, a nonprofit organization created to support free journalism, accepts cryptocurrency donations to protect the rights of independent journalists and public privacy.
