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Russia Allocates $200K to Create Crypto Transaction Monitoring Tool

Published 08/05/2021, 10:30 AM
Russia Allocates $200K to Create Crypto Transaction Monitoring Tool
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  • Russia has given $200,000 to RCO to build a crypto transaction monitoring tool.
  • The tool will also check illicit crypto activities and deanonymize crypto users’ identity.
  • The crypto tracking platform would be inspired by Bitcoin.

Russian Federal Financial Monitoring Service, Rosfinmonitoring is taking an upward step to monitor and track unlawful crypto transactions operations in the country. As a result of this, Russia has allocated over $200,000 from its budget to aid in facilitating the project success.

In addition, the team that manages the project will use the $200,000 to mainly build a modernized crypto tracking platform. For a user-based experience, the proposed crypto tracking platform will help deanonymize crypto users’ identities. And also monitor illegal transactions.

Based on the report, the crypto tracking platform operation would be inspired by the flagship crypto Bitcoin (BTC)...

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