With the prototype already in use, Russia is developing an AI-based monitoring system to keep a close eye on all cryptocurrency transactions. The Russian government is reportedly spending millions on building a system that monitors the digital money with the help of artificial intelligence. The said system will analyze and track all transactions involving Monero, Dash, Bitcoin, and other cryptocurrencies.
The Russian finance administration is already using a prototype of this system, testing its accuracy and efficacy under extreme transactional data load. This system is set to change the crypto regulation landscape of Russia under the leadership of its President Vladimir Putin.
The AI-based Russian crypto monitoring system will also change the dynamics of cryptocurrency regulations across the globe. In the coming years, the Russian government is likely to adopt a new system that tracks bitcoin transactions. Parshin Maxim Viktorovich, the Deputy Minister of Digital Development, Communications and Mass Media in Russia, addressed this development in a letter, where a plan of advanced Federal Financial Monitoring Service of the Russian Federation was described for monitoring multiple cryptocurrency transactions.
According to Viktorovich, this Federation will be collecting and inspecting all the financial transactions involving cryptocurrencies to tackle international as well as domestic money laundering instances caused by crypto hackers. This system will closely monitor terrorist financing and detect the source of crypto transactions siphoned to support crimes.
By developing an analytical system that uses AI tools to monitor cryptocurrency transactions, Russia has initiated its Transparent Blockchain project. This project will somewhat remove the anonymity involving participants of crypto transactions, particularly for Omni, Bitcoin, Dash, Monero, and Ethereum ecosystems. The Bank of Russia, and several other top financial organizations in the country will get access to this system and keep a check on the movement of digital money among their customers. Similarly, they would use this system to detect fraudulent or suspicious transactions and conduct investigations on illegal circulations of crypto money.
