This is a quote from the article;
with the quick detection of any kind of suspicious and criminal activities and help identify suspicious crypto transactions.
What would qualify as suspicious? In my opinion it's either an address was involved in criminal activities or not. So proven criminal activities can be traced to Bitcoin transactions, but Bitcoin transactions should not be investigated seeking suspicious criminal activity simply on the grounds that they were made using cryptocurrency.
This could likely become a targeted attack on cryptocurrency transactions, especially when it involves large amounts. The blockchain is transparent and all transactions can be traced, so are they attempting to collate data on transactions such as wallet and IP addresses in order to break the pseudo-anonymity?
Seeking complete privacy should not be suspicious.
@gmjutt6 it’s really weird that government only sees bitcoin as a means to transfer illegal money, and designing an app won’t help as one yet cannot trace bitcoin transactions. Further all the transactions data are publicly available on the blockchain, then why do they need a specific app to monitor the transactions?. @Jet Cash i feel that it’s an futile attempt as those apps data can be hacked or manipulated, and I hope that the government doesn’t waste their fiat money by developing these kinds of apps.