Vladimir Putin
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Russia To Develop AI System For Monitoring Cryptocurrency Transactions

Vladimir Putin
Vladimir Putin

Weeks after Russia President Vladimir Putin put crypto bill into law, the country is now trying to develop AI system which will be useful for monitoring cryptocurrency transactions.

It will not only track but also analyze cryptocurrencies, such as bitcoin, dash, and monero. The prototype of the AI has already been created and is currently being tested.

A letter citing to Parshin Maxim Viktorovich, Deputy Minister of Russia’s Digital Development, Communications and Mass Media said that The Russian government is planning a new system to track bitcoin transactions.

The letter has described a planning for the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring) to monitor cryptocurrency transactions.

“Rosfinmonitoring plans to develop a system for analyzing cryptocurrency transactions using artificial intelligence (AI),” the letter said.

The project is also aimed to remove the anonymity of participants in transactions with cryptocurrencies in Bitcoin, Ethereum, Omni, Dash, and Monero systems,” the letter reportedly notes.

The authorities, the Bank of Russia, and financial organizations will be able to use the system to monitor and analyze the movement of cryptocurrencies, identify service providers, and conduct investigations related to their illegal circulation.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.