UK Contract Seeks Software to Track Cryptocurrency Use

 

 

 

 

 

The UK has opened a new contract seeking proposals for a software tool that can track Bitcoin and other major cryptocurrencies that might be used for illicit purposes. According to a report from The Next Web, HM Revenue and Customs plans to prioritize bids from developers who offer tools that can also track the use of Dash, Zcash, and Monero.

The contract was published on January 17 and cites a value of £100k. The document’s project description calls for:

Provision of a tool that will support intelligence gathering methods to identify and cluster Cryptoasset transactions into linked transactions and identify those linked to Cryptoasset service providers.

The contract’s attached Request for Proposal notes that:

“Crypto assets, such as Bitcoin and Ethereum, provide a means to transfer value between interacting parties.  Also known as virtual and crypto currencies, these services are increasingly used for a range of purposes, from international money transfers, sales of digital services, paying staff and tax evasion and money laundering. 

 

Many of these crypto asset transactions are recorded publicly in a ledger known as a blockchain.  Whilst the transactions are typically public, the participants undertaking them are not.  Commercially provided services work to link transactions with the institutions and people participating, using a range of sources.”

 

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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