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The IRS’s $10+ Million Digitization Project Plans to Find Crypto Malfeasance With the Help of AI

The tax season in the US is coming to an end just as the tax agency of the country is ramping up its tech capabilities.

In an informational posting on April 2nd, the IRS presented its rather ambitious plans that would digitize operations in the fiscal year 2021. The initiative means shifting away from paper, putting an emphasis on extracting data from poor-quality images, and creating new tools that are based on AI and machine learning.

The AI and machine learning projects specifically are aimed at creating an automated customer service “chatbot” and keeping a better track of crypto transactions.

The listing specifies: “The IRS utilizes publicly available sources of information regarding cryptocurrency, and an initiative to bring in public, open-source data for necessary deconfliction and analytics could demonstrate value to the Service.”

The IRS sees AI and machine learning drawing on many data inputs in order to find information on crypto services:

“An automated process would be established to ingest data into an environment for agency-wide access. Open-source data could consist of scrapped dark web/clear web information, social media, public records/filings, and technical components such as available Domain Name Registration (DNS), Geolocational IP data, etc.”

The IRS keeps getting more and more involved in crypto as just this past week, it was involved in two court actions that look for information on clients of USDC issuer Circle and users of the Kraken crypto exchange.

Source: Theblockcrypto.com

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