Russia Launches Transparent Blockchain To Fight Illicit Activity Related To Crypto

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Russia has announced that it is developing a new cryptocurrency analytics tool that will be used to trace illicit activities related to crypto. Through the Federal Financial Monitoring Service, which is responsible for combating terrorist financing and money laundering, the country is building an analytic tool to track cryptocurrency transactions. The tool will use artificial intelligence to track major cryptocurrencies like Bitcoin (BTC) and privacy coins.

Tracking movements of digital financial assets

Transparent Blockchain has been designed to track the movement of digital financial assets and identify service providers in a bid to fight illegal activities related to cryptocurrencies. The new system will reduce anonymous transactions that involve major coins.

The regulator has already tested and piloted a prototype of the project used to fight drug trafficking. The authority developed the system in partnership with Lebedev Physical Institute of the Russian Academy of Sciences, one of the leading Russian research institute.

The project has been funded by extra-budgetary resources, although the government has projected that it will need additional funding. To fully implement “Transparent Blockchain,” an additional $10.3 million will be needed from the federal budget between 2021 and 2023.

Russia’s Blockchain-based voting system come under scrutiny

Russia conducted a referendum between June 25 and July 1 to find out if the country’s constitution should be amended. Part of the election was conducted on Blockchain to ensure transparency and security.

However, the blockchain system has become scrutinized after independent research registered more than 20 million ‘abnormal’ votes. According to independent analysts, this is one of the most falsified elections in the country’s modern history. 

The new platform allowed Moscow and Nizhny Novgorod residents to either vote in person or cast their votes electronically. The new platform borrows from Exonum blockchain platform, which was developed by Bitfury. Exonum was maintained by the Department of Information Technologies of Moscow.

Russia has announced that it is developing a new cryptocurrency analytics tool that will be used to trace illicit activities related to crypto. Through the Federal Financial Monitoring Service, which is responsible for combating terrorist financing and money laundering, the country is building an analytic tool to track cryptocurrency transactions. The tool will use artificial intelligence to track major cryptocurrencies like Bitcoin (BTC) and privacy coins.

Tracking movements of digital financial assets

Transparent Blockchain has been designed to track the movement of digital financial assets and identify service providers in a bid to fight illegal activities related to cryptocurrencies. The new system will reduce anonymous transactions that involve major coins.

The regulator has already tested and piloted a prototype of the project used to fight drug trafficking. The authority developed the system in partnership with Lebedev Physical Institute of the Russian Academy of Sciences, one of the leading Russian research institute.

The project has been funded by extra-budgetary resources, although the government has projected that it will need additional funding. To fully implement “Transparent Blockchain,” an additional $10.3 million will be needed from the federal budget between 2021 and 2023.

Russia’s Blockchain-based voting system come under scrutiny

Russia conducted a referendum between June 25 and July 1 to find out if the country’s constitution should be amended. Part of the election was conducted on Blockchain to ensure transparency and security.

However, the blockchain system has become scrutinized after independent research registered more than 20 million ‘abnormal’ votes. According to independent analysts, this is one of the most falsified elections in the country’s modern history. 

The new platform allowed Moscow and Nizhny Novgorod residents to either vote in person or cast their votes electronically. The new platform borrows from Exonum blockchain platform, which was developed by Bitfury. Exonum was maintained by the Department of Information Technologies of Moscow.

The government developed the new platform to ensure security and transparency by helping to encrypt each vote to offer safety and immutability of data. In recent times, Russia has been implementing policies that favor decentralized technology.

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