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Brazilian authorities are seeking a software solution that allows them to track the locations and movements of various cryptocurrency projects nationwide. The objective of this proposal is to enhance the state’s capabilities in combating cryptocurrency-related crime.
Brazilian Authorities Open Contract for Cryptocurrency Tracking Solution
Tracking and enhancing control of crypto funds has become a necessity for governments around the world. Brazilian authorities are now seeking to enhance the tools available for this task.
The Brazilian Ministry of Justice and Public Security published a notice for a contract that seeks a solution to allow better discovery and tracking of several cryptocurrency projects and their movements for the next 36 months.
The notice states that its objective is “contracting of software for locating, tracking and analyzing transactions with crypto assets, based on blockchain, intended to meet the demand of the National Secretariat of Public Security and other participating bodies.”
The open contract will start receiving proposals next July 4th, and also specifies that these solutions will be rolled out to specific cities in Brazil, including 15 of the 27 Brazilian state federal capitals.
The software must be capable of delivering the needed data for crypto transactions in different chains, including Bitcoin, Bitcoin Cash, Binance Smart Chain, Dash, Dogecoin, Ethereum, Ethereum Classic, Litecoin, Solana, Tron, Ripple, Polygon, and Avalanche, among others.
It is specified that there must be a path for expanding the number of chains in the future, and stresses that the solution must offer an interface capable of probing activities per chain, depending on key elements offered. “It should be able to query, at least, IP address, city, country, and receive addresses of crypto assets according to the search parameter used.”
The objective of possessing this class of software would be to aid in the fight against crypto crime, as the government has been cracking down on these organizations at high-level operations.
In the last 12 months, over four of these large operations have unfolded, involving dozens of search warrants and arrests related to illicit cryptocurrency activity and money laundering.
Read more: Operation Niflheim: Brazilian Authorities Crack Down on $9.7 Billion Crypto Money Laundering Rings