The Japanese National Police Agency Will Enable New Tracker

It is reported by NHK on 30th, August that in order to prevent the illegal use of virtual currency, the National Police Agency (NPA) intends to introduce a new software to track the trading history of virtual currency.

It is said that the police department will use the special software in 2019 to track the history of domestic virtual currency transactions, like bitcoin cashand tron coin, which is part of an action to combat the growth of virtual currency abuse and theft.

In order to pay for the new software, the Japanese Police Agency is considering an increase of $35 million in the budget for the next year.

The software was developed by a private company but its name has not been disclosed. According to NHK, the software can obtain the transaction data that the investigation needs from the data recorded publicly in the blockchain and visualize it.

This month, Trend Micro, the software maker of Tokyo-based security found that bitcoin ATM machine malware was on the market. Criminals can purchase the ATM machine malware for $25,000 and will have a ready-made card with EMV and near field communication capabilities, which allows the fraudster to get up to $6,750, euro or pound of bitcoin coin each time.

Last week, the Commissioner of the Financial Services Agency (FSA) said that the agency hoped that the virtual currency industry would grow under appropriate supervision. He also added that the Financial Services Agency has no intention of over-binding the virtual currency industry. According to the report, the goal of the FSA is to develop the virtual currency industry and find a balance between consumer protection and technological innovation.