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Russia Allocates $200K to Create Crypto Transaction Monitoring Tool

russia-allocates-$200K-to-create-crypto-transaction- monitoring-tool
  • 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). Hence, Russia gave the contract to a company dubbed RCO. Meanwhile, there is a buzz sensation surrounding that RCO is indirectly backed by the Russian largest bank, Sber.

Apart from building the app, RCO will further maintain and safeguard crypto wallet databases that are opened for unlawful crypto activities. In doing so, RCO could track crypto users’ to be able to identify them.

Particularly, the platform would compile users’ detailed profiles in a much simpler manner. In doing this, it will help measure users’ role and behavior economically. With this said, Rosfinmonitoring mentioned that Russia’s incoming crypto monitoring tool will enhance the safety of budget funds. The firm further said that the platform will improve primary financial monitoring efficiency and compliance.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.