U.S. Immigration and Customs Enforcement wants to automate its accounting — and that includes transactions in bitcoin

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U.S. Immigration and Customs Enforcement (ICE)’s tech division has put out a request for information for software that the agency could use to beef up its financial auditing management capabilities — and that includes its employees’ interactions with and utilization of bitcoin.

The agency is looking to build a financial management add-on to an existing piece of open-source application, according to the request. The hope is to digitize the existing functions and add a centralized accounting system to automate workflow related to financial transactions. 

Within the call, ICE detailed a number of example scenarios it’s looking to address. Among these was a digital currency use case calling for software to track transfers, purchases and expenses in bitcoin.

Here’s how the RFI explains the digital currency use cases, mentioning bitcoin specifically:

DIGITAL CURRENCY
•    Respective employee A transferred 0.03790587 BTC of held digital currency from hardware wallet F to an software wallet G.  The fair market value was an exchange rate of $8,531.08.  The transfer incurred a mining fee of 0.00021801 BTC.
•    Respective employee A purchased 0.01487506 BTC through Digital Currency Exchange E (exchange rate $6,521.65) with a Coinbase fee of $2.99.  Respective employee A transferred the total amount purchased from the Digital Currency Exchange E wallet to a hardware wallet F.  Incurred mining fee 0.00001409 BTC.  
•    Expense of 0.0191111 BTC paid from wallet.  Incurred a mining fee of 0.00043663.  Exchange rate on the date of purchase was $13,211.39.  Remainder transferred back to software wallet G, which received 0.01777286 BTC.  Incurred a mining fee of 0.00036727.”

Businesses with suitable feedback and solutions can submit answers to the agency’s questions by November 9. They may be selected for one-on-one consultations based on their responses. 

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.


U.S. Immigration and Customs Enforcement wants to automate its accounting — and that includes transactions in bitcoin written by Aislinn Keely @ https://www.theblockcrypto.com/linked/79743/ice-financial-transactions-accounting-bitcoin?utm_source=rss&utm_medium=rss October 2, 2020 Aislinn Keely

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