Ukraine taps blockchain analytics firm to track digital currency transactions

Fibo Quantum

The Ukraine Ministry and Committee of Digital Transformation has signed a deal with Crystal Blockchain that allows them to track digital currency transactions.

Ukraine says its primary goal is to use the blockchain analytics software to assist the country in “the rapid formation and legalization of the market of virtual assets in Ukraine.” At the moment, the Ukraine Finance ministry says they will be tracing any digital currency transaction in which more than $1,200 is sent.

Governments are tracking digital currency transactions

The Ukraine’s Ministry of Digital Transformation is the latest government agency to announce that they will be using blockchain analytics software. Before the announcement from the Ukraine, several government agencies in the United States signed on to use Coinbase Analytics, the blockchain analytics software created by Coinbase. Both the US Secret Service and the Internal Revenue Service (IRS) signed deals to use Coinbase Analytics.

Coinbase also offered to license their analytics software out to the Drug Enforcement Administration but there has been no word on whether or not that deal has gone through. In addition, the United States Army published a Statement of Work looking for digital currency tracing tools.

Why analytics software? Why now?

Blockchain analytics software is in higher demand than it has ever been before; this comes at a time when several reports have been released indicating that there has been an increase in cyber-crime in which the criminals are using digital currencies to obfuscate their paper trail.

With the increase in digital currency-related crimes, it makes sense that government agencies are looking for tools and services that make them better able to track money flows.

In addition, several government agencies have been looking to hire a blockchain specialist or digital currency expert to help them with their operations. Recently, the Department of Justice posted a job listing, looking for a lawyer with experience in dark web and digital currency international computer hacking and intellectual property.

The Boston Federal Reserve also had a job listing for an Engineer Lead that could help them configure, implement, and provide support for their Applied Fintech Research team’s efforts in digital currency experimentation.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.