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Russia Wants to Launch a Service to Control Crypto-Transactions

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crypto-transactions

The Russian authorities wanted to control crypto-transactions a few years ago.

The Bank of Russia and financial intelligence have repeatedly been the initiators of the launch of the corresponding service for monitoring such operations.

crypto-transactions

Back in 2018, Rosfinmonitoring began preparations for the creation of software that allows tracking the movement of not only bitcoin but also any other cryptocurrency.

This week the RBC agency announced the launch of the Transparent Blockchain project. It was initiated by Rosfinmonitoring and proposed to include this project in the federal program for the development of artificial intelligence.

It is known that the developers of the service for controlling crypto transactions have already made great strides in this direction. They have created a monitoring system that has been tested in the fight against drug trafficking.

“Transparent blockchain” project  for control over crypto-transactions

crypto-transactionsTo implement the “Transparent Blockchain” project, an additional 760 million rubles ($ 10,300,000)  must be allocated from the treasury. The funds will be used to develop the service over the next three years. This software will be able to use not only financial intelligence but also the Bank of Russia, as well as other authorities.

The Ministry of Telecom and Mass Communications of the Russian Federation said that they received a letter from Rosfinmonitring with a proposal to take part in the creation of this service.

Note that in our country from January 2021, the law on digital assets will come into force. Cryptocurrency is recognized as a form of capital saving; it will be prohibited to use it when paying for goods and services.

We remind all traders that bxmi.io continues to sell BXMI tokens at the lowest price.

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