IRS to pay $625,000 for cracking down Monero

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The US Internal Revenue Service (IRS) announced a tender to develop a solution capable of tracking transactions in the Monero confidential cryptocurrency network. For the creation of such a tool, American tax authorities are ready to pay $625,000.

The IRS wants a solution to track transactions in the Monero digital currency (XMR) network and “Layer 2 network protocol transactions” such as the Lightning Network. The IRS will pay $625,000 to “one or more contractors” in two stages. First $500,000 will be paid after the first proof of concept, and another $125,000 will be sent to the contractor after full launch.

“Currently, there are limited investigative resources for tracing transactions involving privacy cryptocurrency coins such as monero, Layer 2 network protocol transactions such as Lightning Labs, or other off-chain transactions that provide privacy to illicit actors,” the IRS contract offer reads.

American tax authorities are interested in both systems that identify data on users of Monero wallets, dates and sizes of transactions on the network, as well as more sophisticated tools that can statistically predict the probability of future transactions involving certain wallets.

The winner will be required to provide “weekly status reports of progress” and interact with CI Cyber ​​Crimes members and agents. “All documentation, data, source code, and software developed shall be provided to IRS-CI.”

Applications will be accepted until September 16.

Via: 2Coinfox.info

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