Russian Monitoring Agency Develops Blockchain Analysis Tool To Track Bitcoin And Monero

Russian intelligence agents build a blockchain monitoring device capable of partially unmasking transactions on Bitcoin (BTC), Ethereum (ETH), Omni (OMNI) and two popular private coins – Dash (DASH) and Monero (XMR). The agency requests for a budget surplus of $10 million from the federal government to complete the development of the monitoring services.

A report from local news channel RBC confirmed on Tuesday Russian intelligence unit, Rosfinmonitoring, (Russia’s Federal Financial Monitoring Service), has proposed a cryptocurrency monitoring tool similar to U.S.’s Chainalysis. The agency, in charge of reducing cases of money laundering and terrorist financing in the country, will start tracking Bitcoin and other cryptocurrencies including privacy enhanced tokens such as DASH and XMR.

“The Transparent Blockchain”, is a new prototype built in partnership with the Lebedev Physical Institute of the Russian Academy of Sciences that will use artificial intelligence to track blockchain activity and cryptocurrency transactions. According to the report, a letter to the Deputy Minister of Digital Development, Communications and Mass Media, Maxim Parshin, has been approved by the Ministry of Telecom and Mass Communication.

So far, the Rosfinmonitoring has started preparations for widespread production of the software with the Bank of Russia and financial institutions within the country set to test it in the “near future.”

A $10 million request

The prototype is ready and tested on drug controls, the Federal Financial Monitoring Service confirmed. However, till now development of the blockchain analysis service has been constricted to extrabudgetary funds. To continue the build, the Rosfinmonitoring requested the federal government to increase their funding for the project by 760 million rubles (~$10.42 million) in the next three years.

Russia has been on the forefront in preventing money laundering and terrorist financing using cryptocurrencies. In July, President Vladimir Putin signed two digital asset bills into law – first, authorizing that crypto is property and second, digital assets cannot be used as a form of payment within the country. Earlier this month, the Russian government outlawed sending cryptocurrencies to any anonymous wallets forcing users to be fully KYC compliant.

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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