Home Technology Blockchain UK government keeps a $130k price for anyone with a crypto tracking...

UK government keeps a $130k price for anyone with a crypto tracking software

If you are a blockchain developer who is looking to develop a software to track down cryptocurrencies, you may just receive funding of nearly $130K by The UK government. 

It is a well-known fact that governments all over the world have yet not brought into the whole cryptocurrency idea. The UK government, in particular, seems to be so tired with the whole not being able to track down on cryptocurrencies that they have announced a $130k price for whoever presents the best software to track down cryptocurrencies.

Unlike bank payments that can be tracked and monitored by Governments, cryptocurrencies do not offer that luxury. Zcash, Monero, and Dash use something called zk-SNARK’s and ring signatures to maintain user privacy.

 One of the biggest red flags about cryptocurrencies is that it can easily be used for buying things on the black market and ransomware. This is arguably the biggest drawback that governments have pounced on to get the cryptocurrency sector regulated.

Or as it has earlier been stated that the UK government is primarily concerned that cryptocurrencies are being used for tax avoidance, something which is not needed for major corporations and high-profile individuals for avoiding taxes. So let’s see further

As per the announcement, the UK government will issue a £100,000 ($130,000) contract for software that can identify when cryptocurrencies are used to avoid paying taxes. 

 According to the article published the HMRC requires “a tool that will support intelligence-gathering methods to identify and cluster crypto-asset transactions into linked transactions and identify those linked to crypto asset service providers.”

The tool has to support almost every major cryptocurrency that includes Ethereum, Bitcoin Cash, Ripple, Ethereum Classic, Litecoin and of course Bitcoin.

As per HMRC, Bids that pledge to support privacy coins like Dash, Zcash, and Monero will get preferential treatment.

There are many talented developers that can crack the code and develop software for tracking crypto transactions. But cryptocurrencies that implement ‘MimbleWimble’- a protocol dedicated majorly at improving the privacy of transactions may be a major obstacle for developers.

Back in the previous year, according to UK authorities, in a bid to track down citizens who are refraining from paying taxes cryptocurrency exchanges that operating locally were asked to hand over customer data as well as their transactions.

 Even the US Internal Revenue Service seemed to have taken a similar approach as it sent nearly 10,000 letters to people who had purchased $20,000 of cryptocurrencies between 2013 and 2015.

If you wish to register yourself for the UK Government’s contract, you have till 31sy Jan to do so. The registered members will then officially commence work on 17th February 2020 till 16th February 2021.

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Safdarali Rizvi
Safdarali Rizvi the management graduate. Has been an avid book reader all his life so naturally loves playing with his words. His curiosity for discovering futuristic opportunities drives him to enlighten the entire Geekymint team with exclusive and intriguing news. He has a real passion for calisthenics and sports. His management abilities and hunger for learning brings tremendous value to our team.

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