Russia Is Developing a System to Track Crypto Transactions
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Aug. 11, 2020
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Russia's Federal Financial Monitoring Service, a federal service that fights money laundering and the financing of terrorism, is developing a system that uses artificial intelligence (AI) to track crypto transactions, local news outlet RBC has reported.

The project, dubbed "Transparent Blockchain," will track digital assets and "partially reduce the anonymity" of transactions involving major currencies such as Bitcoin as well as other privacy-centered currencies such as Dash (DASH) and Monero (XMR).

The project, which has so far been developed with extra-budgetary funds, will require additional funding to continue its development. According to some estimates, around 760 million rubles ($10.3M) from the federal budget will be needed between 2021 and 2023 to keep developing the project.

The potential users of the system are government authorities, the Bank of Russia and financial institutions.

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