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A major financial watchdog in Russia is developing a new cryptocurrency analytics tool to track major cryptocurrencies such as Bitcoin (BTC) and coins for privacy.
Russia’s Federal Financial Monitoring Service, a federal service that fights money laundering and terrorist financing, is reportedly planning to build a new analytics platform for tracking cryptocurrency transactions using artificial intelligence.
Dubbed “Transparent Blockchain,” the new system is designed to track the movement of digital financial assets and identify cryptographic service providers to combat illicit activities related to digital assets, local news agency RBC reported on Aug.10.
According to the report, the new system is able to “partially reduce the anonymity” of transactions involving major currencies such as Bitcoin, Ether (ETH), Omni (OMNI) and privacy-focused cryptocurrencies such as Dash (DASH) and Monero (XMR). ).
As reported, the financial regulator has successfully tested a prototype system to combat drug trafficking. The system was developed in collaboration with a major Russian research institute, the Lebedev Institute of Physics of the Russian Academy of Sciences, the report notes.
Until now the project would have been financed with extra budget resources, but would require additional funding. According to preliminary data, Russia’s “Transparent Blockchain” will require around 760 million rubles ($ 10.3 million) from the federal budget from 2021 to 2023. The new platform’s target customers reportedly include major financial institutions such as Russian central bank.
The news comes shortly after Russia officially approved its major cryptocurrency bill “on digital financial assets”. The new law, which will be adopted in January 2021, prohibits the use of cryptocurrencies such as Bitcoin as a payment method. In early August, Russian lawmakers approved new amendments to the National Payment System Law, which bans anonymous deposits to major online wallets such as Yandex, WebMoney, PayPal and Kiwi.
