An important financial watchdog in Russia is developing a new cryptocurrency analysis tool to track major cryptocurrencies like Bitcoin (BTC) and privacy coins..
The Federal Financial Supervision Service of Russia, a federal service that fights against money laundering and terrorist financing, Reportedly plans to build a new analytics platform to track cryptocurrency transactions through artificial intelligenceor AI.
With the name “Transparent Blockchain”, The new system is designed to track the movement of digital financial assets and identify cryptocurrency service providers in order to combat illegal activities related to digital assetsreported the local news agency RBC on August 10th.
According to the message, The new system can “partially reduce” the anonymity of transactions in relation to major currencies such as Bitcoin, Ether (ETH), Omni (OMNI) and data protection-oriented 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 large Russian research institute, the Lebedev Physical Institute of the Russian Academy of Sciences.
It is reported that The project has so far been funded out of budget but would require additional funding. According to preliminary information, the Russian “Transparent Blockchain” will need around 760 million RUB (10.3 million USD) from the federal budget from 2021 to 2023. The customers of the new platform include large financial institutions such as the Russian central bank.
The message comes shortly after Russia will officially adopt its major cryptocurrency bill “On Digital Financial Assets”.. The new law, which will be passed in January 2021, prohibits the use of cryptocurrencies such as Bitcoin as a payment method. beginning of August The Russian legislature has approved new amendments to the Law “On the National Payment System”.Ban on anonymous deposits to major online wallets such as Yandex, WebMoney, PayPal and Kiwi.