The cryptocurrency world has been going through illegal transactions and cybercrimes, and this has been a crucial issue for most countries around the globe. We all have witnessed that cryptocurrencies have been labeled as ‘criminals beneficial’ by many speculators thus far, but what if authorities start believing so?
Even though it is the first major country to support Bitcoin, Japan’s National Police Agency (NPA) has decided to install a system/software to limit money laundering concerning cryptocurrency transactions. However, it is good to know that the software will only be used for significant cryptos such as Bitcoin, Ethereum, etc.
The Japanese NPA stated on the 31st of August through Yomiuri Shimbun that,
“it has mapped out a policy to introduce software next fiscal year to visualize the transaction history of virtual currencies in the face of increasing money laundering massive theft and other cases related to cryptocurrencies.”
Subsequently, the media news company based in Japan, Fisco, stated this:
“Traditionally, many criminal offenses concerning virtual currencies involve transaction via multiple accounts, the police had to trace [an] enormous [amount of] records during investigating.”
Furthermore, the Fisco news company added the following concerning the cryptocurrency tracking software adopted by Japan:
“The service target is limited to major cryptocurrencies such as BTC and ETH, and it is expected to be available for use by the National Police Agency, the Tokyo Metropolitan Police Department and the Osaka Prefectural Police Department next fiscal year.”
More information on the cryptocurrency tracking software
Since there is an increase in the number of money laundering in Japan, the $500 million NEM theft that befell Japan is something we still can’t get out of our minds; the country has gone ahead to announce firm policies and rules to avoid further occurrences.
In the same course, Japan’s police force has decided to boost its security budget for next year to about 2.7 billion yen.
Also, Japan’s public broadcasting organization, the NPA has decided to invest a sum of 35 million yen for the very same purpose.
“for the related expenses necessary for the introduction of the software.”
The officials further stated that,
“the software can extract transaction data needed for an investigation data needed for an investigation from an enormous volume of data, making cyber investigations more effective.”
It is important to know that Japan’s new software cryptocurrency software will get the vital information on every transaction made. Also, the system could display the essential data of cryptocurrency exchange owners.
Nikkei also stated that,
“by making it possible to trace the flow of a transaction in a bird’s-eye view, the transaction software has the ability to investigate crimes that virtual currency entangles.”
Fighting money laundering and massive theft online
It is good to keep in mind that Japan’s new cryptocurrency tracking software will enable the country to combat cybercrime and investigate fraud. Apart from that, the tracking software will offer more speed and reliability.
Crypto-security is a big concern to Japan, and the country is making adequate step to combat it. In February, the NPA stated to the Japanese government that there were more than six hundred cyber-theft cases tied to exchanges in 2017.
More funds have been robbed online in Japan, and the country has taken a massive step forward in combating cybercrime. As for the national security interest, the step taken by Japan looks pretty good but the question arises that how will it affect the crypto growth in Japan?
To be an ‘ethical thinker’ not much, if you have no illegal crypto activity to hide from the police in Japan, then why worry? There is hardly a problem for the legitimate path picker no matter whatever the situation is.
Image Courtesy of Pixabay.