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USA Strikes Back On Anonymous Cryptocurrencies

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US Department of Homeland Security (DHS) is planning to develop transaction tracking technology in blockchains of anonymous cryptocurrencies (for example, Zcash and Monero) in order to detect illegal money transfers.

The American law enforcement agencies have achieved success in monitoring of illegal financial activity using cryptocurrencies with public blockchains (Bitcoin, Ethereum, etc.) In this case Chinese companies Chainalysis, Ciphertrace and Elliptic helped agencies to developed the special software. According to Diar research firm, these traitors of the cryptoindustry received for the work from the U.S. Government $5.7 million.

However, transactions performed in blockchains of anonymous digital assets have a much higher level of confidentiality. In order to identify the participants of payments, it is necessary to create new analytical tools, with their help government agencies will fight illegal financial activities. The process of creating these tools consists of 3 stages:

  • the development of an analytical ecosystem;
  • the creation of a technology prototype;
  • the demonstration of the final version of software.

In June 2018 Member of the US House of Representatives, Robert Pittenger, yelled the fire. He stated that anonymous cryptocurrencies are one of the main threats to the national security of the United States. Deputy Assistant Director, Robert Novi, supportes Pittenger. He advised Congress to develop legislative measures aimed at solving the problems associated with the use of anonymous digital assets.