IRS deanonymize monero dash

The IRS is looking for private contractors to create software that they can use to obtain information on suspicious crypto activities. The deadline to respond to the IRS is July 14, 2020 and private contractors can submit bids through emails.

The IRS is trying to gather information on illicit activities and test suspicious activities already reported a second goal is that speculators who trade privacy coins should report their gains and losses for tax purposes without being under the false impression that regulators will not know about that activity.

The request was posted by the Criminal Investigation Division (CID) of the IRS on June 30, 2020 and they hope this can provide more visibility into privacy coins transactions.

What Are Privacy Coins?

Privacy Coins (Monero,Zcash, Dash and more) offer fully anonymous crypto transactions. Other cryptocurrencies are not anonymous. Privacy coins obfuscate the transacted amount, wallet addresses, identity of both sender and receiver, and the transaction trail.

Full anonymity is often abused for illegal activities such as tax evasion, money laundering, and other non-financial crimes. However, it is important to note that these functions are also used in perfectly legitimate activities as well (e.g. anonymous donations to charity, individuals who simply want to transact anonymously, etc.). These coins are like cash which is also anonymous and is used everyday.

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