U.S. Defense Department will study risks associated with cryptocurrencies
The Pentagon will study critical risks associated with cryptocurrency use with the help of an Inca Digital firm.
The Pentagon is the headquarters of the US Department of Defense. It was established during the Second World War (1939 to 1945). As a part of the U.S. military, the phrase The Pentagon is usually used as an image of the Department of Defense and its leadership.
On 23 September, Washington Post reported that Pentagon has launched a new study program to point out several digital assets ( like Ethereum & Bitcoin) and find out the kind of risk they could pose to national security,
The Defense Advanced Research Projects Agency (DARPA) will focus to trace the vast digital assets market. For this purpose, the defense agency teamed up with Inca Digital which is a data analytics platform.
Inca Digital will help the agency in-depth to study the core function & operations of different cryptocurrencies.
Adam Zarazinski, chief executive officer of Inca digital, said that they will help the defense agency to understand the blockchain function most easiest ways. Also, he said that collaboration aimed to point out the scam activities going on with the use of cryptocurrencies like fraudulent trading & spot crypto scams.
US government against privacy provider platforms
From the very beginning, the US government agencies took strict action against the anonymous focused crypto platforms, which help bad actors to remain anonymous in their illegal activities.
Recently the US government imposed sanctions on popular crypto mixing platform Tornado Cash. According to the available data, Tornado Cash was used to launder more than $1 billion worth of funds in only the last one year of time frame and it was the main reason to impose a ban on this platform.
Many crypto proponents & crypto companies supported Tornado Cash and criticized the ruling of the government. In particular Cardano founder Charles Hoskinson, Ethereum co-founder Vitalik Buterin & leading Crypto exchange Coinbase, FTX showed full support to this crypto mixing platform.
Read also: The biggest stablecoin USDT is now live on the Polkadot network
