According to a Job description posted by the police department with the idea of hiring “Cryptocurrency Investigators” says that, “The successful candidate will proactively identify opportunities to investigate and recover cryptocurrency and other digital assets. They will develop intelligence around money laundering and map their activity to understand how they utilize and realize such assets. All activity will be driven by the ROCU control strategy and force vision.”
Crypto currency is a term that most of us must have heard! But do we really know the actual meaning and use of it?
What is Crypto-Currency?
Cryptocurrency is a digital payment system that doesn’t rely on banks to verify transactions. It enables anyone to send and receive payments, instead of using physical money. So, you’ll never actually hold a bitcoin in your hand like you would a $20 bill. When you transfer cryptocurrency funds, the transactions are recorded as digital entries in a public ledger called Blockchain. They are stored in digital wallets. Units of cryptocurrency are created through a process called mining.
Crypto currency is classified into four categories: Payment Cryptocurrencies, Tokens, Stablecoins, and Central Bank Digital Currencies. Examples of crypto-currencies are: Bitcoin, Ethereum, Litecoin & Ripple. The first cryptocurrency was Bitcoin, which was founded in 2009.
What is the use of Crypto-Currency?
Crypto was created to remove the need for a third party and only requires the internet to complete a transaction. The aim is to provide security and safety.
Transactions including bonds, stocks, and other financial assets could eventually be traded using the technology. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
What are Digital Assets?
Digital assets may include virtually anything of value that is not tangible in nature, including bitcoin, Ethereum, and other cryptocurrencies, as well as software code, digital music, and film clips; non-fungible tokens (NFTs); or other valuable data and code held in digital form.
In recent times along with Global Digitalization comes a rise in Cyber crime. Hence the police are hiring “cryptocurrency investigator” as they seek to seize the digital assets of frauds gangs that they have grabbed upon.
The Regional Organized Crime Unit (ROCU) is hiring a new staff member at the rank of constable to support its Birmingham team. This can make the job of detectives trying to identify and recover criminal proceeds more difficult. Primary responsibilities of the intern would include, applying knowledge to complex scrutiny and data analyses and adjusting in developments of cryptocurrency technology.
They further added in the description as, “The successful candidate will benefit from opportunities to complete “additional training and accreditations to assist the role”. And anybody thinking of applying has been told: “A desire to learn and adapt to this area of business and disseminate your knowledge to others is essential.”
According to the ROCU, the applicant will need to have complete background and financial disclosure as a part of vetting process. But before commencing the role, the successful applicants will be required to pass vetting and security clearance scrutiny.
