Bitcoin exchange: a step back with the American government

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Cryptocurrency exchange Coinbase is negotiating with two US government agencies to sell software that will allow tracking of cryptocurrency addresses.

The US-based cryptocurrency exchange Coinbase, apparently, wants to license Blockchain analytics software to two US government agencies.

According to public records, the Drug Enforcement Administration (DEA) and Internal Revenue Service (IRS) plans to license Coinbase for a cloud-based software called Coinbase Analytics. The relevant documents were published on May 18 and April 21, respectively, and were first reported by The Block.

In the IRS document, “… Coinbase Analytics (CA) enables tracking and analysis of crypto money flows in other blockchains currently used by criminals in addition to the Bitcoin blockchain.” It said.

It is not clear how much it will pay Coinbase for licenses. The RIA document states that the source required for the purchase should be between $ 10,000 and $ 250,000. In addition, this document states that Coinbase Analytics software, which is described as “crypto money intelligence tool”, can be used to decipher the anonymity and identification of the “virtual currency” addresses at home and abroad.

The development came after Coinbase bought the blockchain analysis initiative Neutrino last year. This acquisition was criticized for the founders’ ties to a surveillance technology company called “Hacking Team”.

With its last step, Coinbase has attracted reactions from many leading names in the cryptocurrency world. For example, Jameson Lopp, a famous Bitcoin developer, said, “It is not a surprise, we have a stronger distrust of you, we will make your analytics software useless.” commented.

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