Aug 11, 2020 15:11 UTC
Aug 11, 2020 at 15:15 UTC
Dubbed “Transparent Blockchain,” Russia’s new crypto analytics system is intentional to fight illicit activity related to crypto.A significant financial watchdog in Russia is emerging a new cryptocurrency analytics tool to trace significant cryptos like Bitcoin (BTC) & privacy coins. Russia’s Federal Financial Monitoring Service, a federal service opposing money laundering & terrorist financing, is supposedly planning to build a new analytics platform for tracking cryptocurrency transactions through artificial intelligence, or AI.
Labeled “Transparent Blockchain,” the new system is designed to track the movement of digital financial assets & identify crypto service providers to fight illicit action interrelated to digital assets, local news agency RBC reports August 10. Conferring to the report, the new system can “partially reduce anonymity” of transactions involving chief coins like Bitcoin, Ether (ETH), Omni (OMNI) as well as privacy-focused cryptocurrencies like Dash (DASH) & Monero (XMR).
As stated, the financial regulator has efficaciously piloted a prototype system to fight drug trafficking. The system was industrialized in collaboration with a critical Russian research institute, the Lebedev Physical Institute of the Russian Academy of Sciences, the description transcripts. This project has purportedly been funded by extra-budgetary resources so far but would require additional funding. Conferring to preliminary data, Russian “Transparent Blockchain” will require about 760M rubles ($10.3 million) from the federal budget from 2021 till 2023. The targeted customers of the new platform seemingly comprise major financial institutions like Russia’s central bank.
The news comes shortly after Russia authoritatively passed its major cryptocurrency-related bill “On Digital Financial Assets.” Established to be executed in January 2021, the current law forbids the use of cryptocurrencies like Bitcoin as a payment method. Earlier in August, Russia’s lawmakers approved new amendments to the law “On National Payment System,” banning anonymous deposits to major online wallets like Yandex, WebMoney, PayPal & Kiwi.