HomeNewsRising Crypto Crimes? Canada's Solution is a Secure Digital Vault

Rising Crypto Crimes? Canada’s Solution is a Secure Digital Vault

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  • Royal Canadian Mounted Police (RCMP) and Shared Services Canada (SSC) are testing a centralized digital asset repository.
  • The repository aims to securely store cryptocurrencies and NFTs seized from criminal activities and ensure safe transaction processes.

Digital Assets and The Modern Crime Scene

In the complex and rapidly evolving world of digital currencies, safety remains paramount. The decentralization and pseudonymity inherent to cryptocurrencies have inevitably attracted the attention of cybercriminals. With cases of ransomware and online scams on the rise, the Royal Canadian Mounted Police (RCMP) in collaboration with Shared Services Canada (SSC) has taken a strategic step forward.

Their solution? A centralized digital asset repository

Envisioned as more than just a storage system, this digital vault is designed with a multifaceted approach. Not only will it store seized assets from Ethereum, Polygon, and Solana platforms, but it also promises capabilities that span across the top cryptocurrency blockchains. This feature ensures that the RCMP can efficiently process transactions, maintaining the sanctity of blockchain’s decentralized essence while incorporating a layer of centralized security.

However, the challenge lies in more than just storage and transactional capabilities. In a statement, the RCMP articulated the importance of this project, stating,

“The development of a centralized repository solution would allow police officers to seize these assets in a user-friendly manner, while also offering significant security to prevent theft during storage.”

To fulfill this vision, the repository must meet a variety of objectives, among which are:

  • Compatibility with the top 20 cryptocurrency blockchains as ranked by CoinGecko.
  • A scalable infrastructure that welcomes emerging digital platforms.
  • An Android-based mobile application.
  • Facility to convert asset reports into PDF formats.

Security remains at the heart of this initiative. The repository must ensure the secure disposal of digital assets and conduct daily verifications to confirm all assets are intact.

As cryptocurrencies continue their ascent in global finance and as a medium of trade, their allure for illicit activities also grows. This pressing reality underscores the RCMP’s ambitious project. By September 21, 2023, developers are invited to submit their proposals, with the hope of crafting a repository that stands as a bulwark against crypto crimes.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628