TECH

Russian company uses intelligent algorithm to monitor cryptocurrency transactions

Rosfinmonitoring plans to track cryptocurrency turnover using an AI-based system, a prototype of which was created in conjunction with the Physics Institute in honor of Lebedev and tested in the area of ​​combating drug trafficking. The so-called “transparent blockchain” project was proposed to be included in the federal “Artificial Intelligence” project, as reported in the department's letter to the Russian Federation's deputy minister of Digital Development, Communications and Mass Media Maxim Parshin.
Although the project was previously developed at the expense of extra-budgetary funds, additional funding will be needed. According to the preliminary data indicated in the letter, the development of the “Transparent Blockchain” will require 760 million rubles from the federal budget: 440 million rubles. in 2021, 230 million rubles. in 2022 and 90 million rubles. in 2023.
According to the letter, there is an urgent need to create effective government control over the circulation of virtual assets. “Virtual assets, including various cryptocurrency systems, are used by criminals in a variety of illegal schemes: drug trafficking, tax evasion, cyber crimes, on-demand murders, selling information from closed databases, financing extremism ”, Says the document. This system can also be used by the authorities, the Bank of Russia and financial institutions. This is a unique project for Russia, although there are analogs on the world market, for example, the cryptocurrency monitoring system of the American company Chainalysis.

The “transparent blockchain” system will allow:
-Monitor and analyze the movement of digital financial assets (DFA), as well as identify service providers;
-Conduct investigations related to the illegal circulation of CFA;
-Partially remove the anonymity of participants in cryptocurrency transactions on Bitcoin, Ethereum, -Omni, Dash and Monero systems;
-Scan the Internet to detect images with fundraising details in case of possible evidence of terrorist financing, as well as to detect messages related to money laundering and terrorist financing.

AVnews