With the steady rise in the popularity of cryptocurrencies, United States government agencies have concurrently upped their expenditure on blockchain analytics firms to keep a close eye on cryptocurrency transactions for signs of potentially illicit activity.
According to research conducted and published by Diar, the US government’s combined total spending on blockchain analysis companies has more than tripled since the beginning of 2018, and so far adds up to $5.7 million.
Owing to the anonymity they claim to offer and the lack of regulation in the space, cryptocurrencies have been viewed as problematic and potentially dangerous by financial institutions, regulators, and governments worldwide. The increasing number of crypto transactions has led to rising demand for blockchain analysis – a form of surveillance carried out with the aid of advanced software, which can enable companies to trace and link identities to cryptocurrency addresses and transactions.
While blockchain analysis is ty...
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