The Ukraine Ministry and Committee of Digital Transformation have inked a deal with Crystal Blockchain that enables them to track digital currency transactions. Ukraine states its primary goal is to utilize the blockchain analytics software to support the country in “the rapid formation and legalization of the market of virtual assets in Ukraine.” At the moment, the Ukraine Finance ministry states they will be tracking any digital currency transaction in which more than $1,200 is sent.

Governments are tracking digital currency transactions

Ukraine’s Ministry of Digital Transformation is the latest government agency to declare that they will be utilizing blockchain analytics software. Before the Ukraine announcement, several government agencies in the United States signed on to utilize Coinbase Analytics, the blockchain analytics software created by Coinbase. Both the US Secret Service and the Internal Revenue Service (IRS) inked deals to use Coinbase Analytics.

Coinbase also provided to license their analytics software out to the Drug Enforcement Administration, but there has been no word on whether or not that deal has gone through. Also, the United States Army issued a Statement of Work watching for digital currency tracing tools.

Blockchain analytics software is in greater demand than it has ever been before; this comes when various reports have been released, symbolizing that there has been an improvement in cyber-crime in which the criminals are utilizing digital currencies obscure their paper trail.

With the development of digital currency-related crimes, it makes discernment that government agencies are looking for tools and services that make them better able to track money flows.

Besides, numerous government agencies have been seeing to hire a blockchain specialist or digital currency expert to help them with their operations. Currently, the Department of Justice posted a job listing, seeing for a lawyer with experience in the dark web and digital currency international computer hacking and intellectual property.

The Boston Federal Reserve also had a job listing for an Engineer Lead that could help them configure, implement, and support their Applied Fintech Research team’s efforts in digital currency experimentation.