• The Royal Canadian Mounted Police (RCMP) is looking for a digital asset solution to facilitate the seizure and storage of cryptocurrency and nonfungible tokens (NFTs).
• The proposed solution should accommodate the top 20 cryptocurrencies by market capitalization, as well as Ethereum, Solana and Polygon-based NFTs.
• Canadian law enforcement has been using specialized software from Chainalysis to trace crypto while investigating cybercrimes.
RCMP Looking For Digital Asset Solution
The Royal Canadian Mounted Police (RCMP) is seeking a digital asset solution to facilitate the seizure and storage of cryptocurrency and nonfungible tokens (NFTs). According to an announcement, a tender was opened for applications on Aug. 10 for a solution to store seized digital assets.
Requirements Of The Repository
The RCMP demands 17 requirements from the future repository. Among them is the ability to process transactions for the top 20 cryptocurrency blockchains by market capitalization and the scalability to support new blockchains in the future. The RCMP also intends to grant access to its data to users who need it. As for NFTs, the RCMP has deemed it necessary to enable the holding of Ethereum, Solana and Polygon-based NFTs. Other features include security considerations such as private key protection, secure disposal process and daily automated verification. A native mobile application will also be developed on Android.
Chainalysis Software Used By Law Enforcement
Recently, Canadian law enforcement started using specialized software from Chainalysis to trace crypto while investigating cybercrimes. Local police now have the ability to trace blockchain transactions , identify suspects and determine where funds have been deposited. Meanwhile, the number of Canadians holding Bitcoin ( BTC ) has fallen from 13.1% in 2021 to 10.1% in 2022 .
Weak Incentives To Use CBDC
Canadian citizens have „weak incentives“ when it comes to using Central Bank Digital Currencies(CBDC), according Bank of Canada’s recent research paper.. This could be attributed mainly due their belief that current private sector offerings are superior than any potential CBDC product offered by banks or governments..
It remains unclear if Canada will eventually adopt its own form of CBDC since there are still many unanswered questions about how such currency would work in practice . However , with law enforcement actively looking into solutions that would make seizures easier , it’s clear that Canada is serious about making sure digital assets are properly managed within its borders .