Rosfinmonitoring has come to grips with the problem of tracking cryptocurrency transactions and brought the issue to the attention ofgovernment level.
The department sent a letter with the initiative to includedevelopment of the "Transparent Blockchain" project into the federal project "Artificial Intelligence" and provide it with state funding of 760 million rubles. The project itself was separated from the digital economy national program into a separate one this summer.
Government tracking andcontrol over crypto transactions is called an “urgent need”. According to Financial Intelligence, digital assets are used for various criminal schemes, which the new monitoring system will allow to track and eliminate.
The crypto transaction analysis system willbe developed using artificial intelligence (AI). The document describes the first prototype of such a system based on the Bitcoin blockchain. According to the author, the monitoring system will make it possible to monitor the movement and participants of digital transactions. The Ministry of Internal Affairs and financial intelligence services of other states have already become interested in the development, the document notes.
Similar projects are known in the world market. The most famous transaction tracking tool is the product of the Chainalysis company. Binance first joined the service back in 2018, followed by other major platforms, including Bitfinex and the South Korean exchange Bithumb.
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