With the way things are going in the crypto industry, there is every need to develop a cryptocurrency tracking system following the rapid rise in fraudulent activities through the internet.
Frauds ranging from governmental activities using cryptocurrencies to move large amount of money without trace from one country to another, needs a software to monitor all transactions so as to curb the use of cryptos in illegal transactions. How about frauds linked to all crypto mining activities illustrating computer gurus using innocent speculators devices to mine cryptocurrencies for their (computer gurus) own personal benefits, without their consent (innocent speculators).
Not also forgetting the activities of daily social media users who uses cryptocurrencies as a means to extort money from people who may have got caught by the trap laid by them. All of these and many others have contributed to the need for a “Cryptocurrency Tracking System”.
Last week Friday, I published an article which stated how the Russian Watchdog was offered a 195 million Ruble contract to develop an analytical tool for tracking cryptocurrency transactions by Rosfinmonitoring. Full article can be read here:
Cryptocurrency Tracking Tool To Be Developed By Russian Watchdog
This time around, the Japanese Police Agency seems also to be taking same route as the Russian Watchdog. Research proves that 70% of Bitcoin market today is, in one way or the other connected to illicit transactions, which calls for the necessity to develop a cryptocurrency tracking software.
Sourced from local media outlet, Japan’s National Police Agency (NPA) makes plan to install the software in major police stations within the country, using 2019 as the major target for complete installation of the software in all police stations.
The report by the Tokyo-based public news-caster NHK shows that the NPA will at long last have the capacity to watch out for all the crypto exchanges, get the necessary info and take the necessary step to curb such illicit act. The project was powered by the consistently expanding challenges that the police look with respect to blockchain exchanges. For example, in March, the agency reported that more than $6.2 million worth of cryptos was stolen from Japanese clients’ wallet accounts in 2017. In January this year, another hack was additionally detailed in which $520 million worth of cryptos was lost in the year’s greatest hack yet.
The estimated budget for the project stands at $315,000 (35 million Yen), and is said to be in progress already, expected to be completed by the 1st quarter of 2019.
Personally, I am beginning to see a sound and secure atmosphere to carry out all crypto activities in the future. Crypto is Bae, definitely.
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