3 mins readThe Royal Canadian Mounted Police (RCMP) has a goal. They want to make a special digital tool.
Why? To help them take and keep crypto and non fungible tokens (NFTs) safely. RCMP wants a method that is simple and secure. Police using the tool should find it easy.
Digital assets help in catching bad people. So, they need a safe place to store them. Why not have just one storage place? They think it's a good idea. It will help police take care of crypto and NFTs. The process will be fast, and it will be secure. Nobody will be able to steal these items.
Requirements for the Repository
RCMP has a list. The storage place needs 17 things. What are they? First, it must work with the 20 biggest cryptocurrencies. But that's not all. It also needs to grow for new ones in the future.
Are you wondering about privacy? Don't worry.
The RCMP will let some people use the data if they need it. For NFTs, the RCMP has a plan. They want the storage place to work with Ethereum, Solana, and Polygon. It's true. They want to stay current with new digital trends.
RCMP cares about staying up-to-date. Canada's police force wants to catch criminals. To do that, they need the latest tools.
And they know that crypto and NFTs are important. So, they're working hard to make a storage place that meets their needs. From security to scalability, they've got it covered.
Security Considerations and Mobile Application
Security is top of mind for the RCMP's repository. Why? To safeguard the very special private keys tied to the seized assets.
It's essential these assets are kept safe, and that people who shouldn't have access can't get to them. Plus, the solution includes a method to throw stuff away securely. This is crucial for dealing with assets that no longer need to be around.
But that's not the end of the story. The RCMP has another plan – to build a mobile application specific for Android.
Why a mobile app? For ease and efficiency, of course! This little tool would give law enforcement officers a super handy way to interact with the repository. They could manage seized assets from anywhere, making their job a little bit easier.
Collaboration with Chainalysis and Decline in Bitcoin Ownership
Lately, Canadian law enforcement has been on top of something. They're using special software from a company named Chainalysis.
Its purpose? To track cryptocurrency transactions when investigating cybercrimes.
This software gives local police a helping hand. It helps them follow blockchain transactions, spot potential culprits, and find out where the money ends up.
Here's something interesting though. While law enforcement gets better at handling digital assets, fewer Canadians seem to be holding Bitcoin.
Some recent data points out that the percentage dropped. It went down from 13.1% in 2021 to 10.1% in 2022. What could lead to this ownership shift? It could be a lot of things.
The ups and downs of the market, and changing investment preferences, for instance.
Final Thoughts
RCMP wants a solution that's easy to use and super safe. This way, they can better seize and store these assets.
I know, Bitcoin ownership in Canada might be on the decline. But the focus on storing and managing digital assets is still a top priority for law enforcement.
