Russia’s crypto analytics system will now track Monero and Dash, dubbed the “Transparent Blockchain” designed to fight illicit activity related to crypto as we are reading more in our upcoming crypto news.
The major financial watchdog in Russia works on a new crypto analytics tool that is able to trace major cryptocurrencies such as Bitcoin but privacy coins as well such as Monero and Dash. Russia’s crypto analytics system by the Federal Financial Monitoring Service will combat money laundering and terrorist financing by creating a new platform for tracking crypto transactions via artificial intelligence.
Russia’s Federal Financial Monitoring Service will use the “transparent Blockchain” system that is designed to track the movement of crypto assets but to also identify crypto service providers to fight the illicit activity related to crypto-assets as per the reports by the news agency RBC. According to the report, the new system is able to reduce the anonymity of transactions involving bigger coins such as Ether, Omni, and Bitcoin as well as privacy coins like monero and Dash. The financial regulator piloted the prototype to fight drug trafficking by developing a new system in collaboration with the major Russian research institute as the Lebedev Physical Institute of the Academy of Science.
The project has been funded by extra-budgetary resources but will require more funding. According to the preliminary data, the Russian “transparent Blockchain” will require more than $10.3 million from the federal budget from 2021 until 2023. The customers of the platform include major financial institutions such as the central bank of Russia.
The news came right after the country passed its first major crypto-related bill on “Digital Financial Assets” which is going to be adopted in 2021. The new law prohibits the use of cryptocurrencies such as Bitcoin as a method of payment. Russia’s lawmakers passed new amendments to the law “On National Payment System” which eventually ban deposits to major online wallets that are made anonymously such as WebMoney, PayPal, and Kiwi.
Russia’s parliament is discussing a new version of the initial legislation on cryptocurrencies according to a new report and this time the State Duma might not criminalize Bitcoin and put users in jail for using it. The first reading of the DFA bill noted that the digital assets will be banned entirely from any usage in the country but it warned that if citizens break the law, they will pay harsh fines of $30,000 and face a prison sentence up to five years or forced labor up to seven years.
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