The Russian government is actively working towards developing a new cryptocurrency analytics tool to trace cryptocurrencies. The Federal Financial Monitoring Service of Russia, which is a federal service tackling terror financing and money laundering is working to develop this platform named Transparent Blockchain.
It has been specified that this platform will be backed by Artificial Intelligence and will work towards fighting all illicit activities related to cryptocurrency.
As per the reports, it has been specified that Transparent Blockchain will be used to track the digital financial assets movement. It will also work towards identifying the crypto asset providers which are related to illicit activities. The platform will also be used to reduce the anonymity of crypto transactions. This will include some of the major cryptocurrencies like Ether, Bitcoin, Omni, and along with this, it will also focus on privacy-focused crypto-like Monero and Dash.
The Russian Financial Regulator has also built up a system mainly to fight against drug trafficking. That system was developed in partnership with the research institute Lebedev Physical Institute of the Russian Academy of Sciences.
This project by the financial watchdog has been financed with the extra budget, but it will still require additional funding. The Transparent Blockchain will need around $10.3 million of the budget from the federal government. It has been mentioned in the announcement that the targeted customer of this project will also include some major financial institutions of the country.
This announcement of launching the crypto analytics tool is coming after the approval of the latest crypto-related bill of the country. In this latest bill, the use of Bitcoin as a payment method has been prohibited across the country. Russia has also banned anonymous deposits to some major online wallets.
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