Russian System to Track Monero and DashDavid Kemp
Tracking data is one of the main parts of every process taking place in the crypto market. There are certain operations and functions that may feel and look rather suspicious to crypto holders, traders, and all participants in general. Transparency of the blockchain is what the modern crypto community needs to feel safe and secure.
According to the latest news reports, Russia has finally implemented a new crypto analytics system. This innovative approach will help participants track Monero and Dash. The system known as ‘Transparent Blockchain’ is designed in a special way – it boasts features that can fight illegal activities related to the crypto industry.
Major financial watchdogs keep inventing new methods. They are developing new tools and instruments that can help all specialists related to cryptocurrency analytics. Professionals admit that they have always needed something that they could employ to trace all top-ranked cryptocurrencies.
The list includes Bitcoin as well as major privacy coins. The financial service of the country is created to combat money laundering. Authorities are doing all possible to prevent terrorist financing. At the same time, local news agencies report that officials are prepared to build an analytics platform and utilize it to track transactions of cryptocurrencies through artificial intelligence. There are several other projects that the official representatives mention and say that they will soon present to the public.
No More Illicit Crypto Activities
From now on, the government will be able to track all movements of major digital financial assets. Professionals say that the innovative approach will identify crypto service providers that will be responsible for fighting illicit activities – the crypto world must be clean and clear for all participants who run fair businesses.
Commentators emphasize that the new system can decrease the anonymity of crypto transactions. Officials will see how users act and behave withOMNI,XMR, and ETH. All operations withDASH, Monero, and BTC will be transparent to the supervisors. Russia has successfully tested a prototype system. Representatives used it to see if it can fight drug trafficking.
The development of the system took plenty of time and effort from the top Russian research institute and involved professionals of all spheres. The government allowed using extra-budgetary resources to fund the project. However, the scheme required some additional funding. The entire program cost approximately seven hundred and sixty million rubles.
Most of the sum came from the federal budget. As analysts suggest, there are several targeted clients of the new program and it includes all major financial institutions. Also, researchers announced that the country is ready to adopt a law prohibiting the use of crypto as a payment alternative. It is known that the government bans anonymous deposits to a whole range of e-wallets.
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