The Defense Advanced Research Projects Agency (DARPA) has partnered with Inca Digital to assess the risks to national security that cryptocurrencies pose.
DARPA is the research and development agency operating under the wing of the US Department of Defense, and it will now focus on the impact that distributed ledgers in finance could have on national security.
Inca Digital will use funding from the “Phase II Small Business Innovation Research” tender and the company will work on something that it calls “Mapping the Impact of Digital Financial Assets”.
Inca will hope to provide US businesses and government with a mapping tool that will allow these parties to better understand the issues with cryptocurrencies and how they can contribute to money laundering, terrorist financing or sanction evading – all of which remain particularly important topics in a world that is growing increasingly polarized.
Inca CEO Adam Zarazinski welcomed the opportunity and said that his company is prepared to provide government bodies and private businesses with the tools they would need to better understand digital assets and how they operate globally.
DARPA’s latest initiative is also adding to the evidence that governments are particularly sensitive to how cryptocurrencies may be used for criminal purposes.
Governments all over the world have been working hard to fight this. The European Union (EU) put forward a complete draft of its MiCA regulation which will offer clarity on how to regulate cryptocurrencies in the EU.
Singapore, South Korea, and Brazil have been actively working on moving against suspected fraudulent operations and companies.
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