The Federal Financial Monitoring service announced the development of crypto tracker to combat illegal activity

Russia recently announced the development of a “Transparent Blockchain”, an artificial intelligence (AI) tool designed to undertake a deep analysis of crypto transactions of major coins like Bitcoin, Ethereum, Dash and Monero.

Local media outlet, RBC, reported that a prototype for the project has already been developed using data from Bitcoin payment systems. It is currently being used to tackle drug trafficking. The project has attracted the interest of the Russian Ministry of Internal Affairs and attention from foreign intelligence agencies.

The “Transparent Blockchain” will receive funding on an annual basis, and is a long term project for the nation. Some questions remain about how an AI will be able to monitor blockchains that were designed to be anonymous, and if criminals maye be driven away to other payment methods if they know the platforms are being monitored.

The AI will be responsible for monitoring suspicious activities on the entire internet, both the internet and the darknet.

If one were to open an account on a legitimate crypto exchange, the AI will detect when that account makes transactions to any users in the darknet. This is when the account is flagged and suspicion will be raised.

Under the new legislation, the tracking process is easier as people can’t purchase crypto anonymously – only qualified investors will be able purchase crypto. This ensures transparency and the identity of all parties involved.

The “Transparent Blockchain” could be the follow up to the recent changes in crypto law signed by President Vladimir Putin.

In short, the new legislation allows registered parties in Russia to buy and sell tokens in January 2021, but the process is heavily regulated. Crypto exchanges will only be facilitated by authorised Russian banks under the supervision of the central bank.

If an individual wants to acquire cryptos that are not supervised by the Russian government, he/she needs to get them from foreign exchanges. Additionally, investors could not use cryptos to purchase any goods and services. They must transfer the funds into fiat rubles first.

The new legislation suggests that Russia is starting to open its doors to adopt the technology that it once deemed as “criminal”. Though the use of crypto is still very limited, the “Transparent Blockchain” could be the first step to ensure a secure crypto ecosystem for future developments.

The post Russia plans to track crypto transactions using AI-based platform appeared first on Coin Journal.

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