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U.K. Tax Agency Offers a $130,000 Bounty on Privacy Coin Traceability

U.K. Tax Agency Offers a $130,000 Bounty on Privacy Coin Traceability

The U.K.’s taxman is looking to crack down on private transactions. HM Revenue and Customs (HMRC), the tax authority for the U.K., has granted a bounty of $130,000 (£100,000) for anyone that can effectively track and identify crypto criminals. But what does this mean for privacy coins and financial anonymity?

HMRC is looking for an autonomous way to analyze seven of the major cryptocurrencies, including bitcoin, Ethereum and Tether. The agency aims to glean insight on cryptocurrency users to tackle tax evasion and money laundering.

HMRC isn’t restricting the hunt to the seven pseudonymous coins but has extended the contract to include privacy coins such as Zcash, Monero and Dash.

HMRC is offering a reward of $130,000 to any company capable of tracing cryptocurrencies. The company would be contracted for a year beginning Feb. 17. Interested partners have until the end of this month to apply.

Speaking to CCN.com, Marcus Swanepoel, CEO at bitcoin storage company Luno, noted that many monitoring tools already exist: