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Transparent blockchain, a new system to trace cryptocurrencies by Russia

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Federal Financial Monitoring Service of Russia, a federal service which fights against money laundering and terrorist financing, is planning to build a new analytics platform to trace privacy-centric cryptocurrencies like Dash and Monero. According to the local news reports, dubbed “Transparent Blockchain,” the new system is designed by Russia to track the movement of digital financial assets and identify crypto service providers to fight illicit activity related to them. The new system is able to “partially reduce anonymity” of transactions involving major cryptocurrencies.
This system of Russia can also trace cryptocurrencies like bitcoin and ethereum. According to the news report, the new system can “partially reduce anonymity” of transactions involving major coins like Bitcoin, Ether, Omni, and privacy-focused cryptocurrencies like Dash and Monero. The Russian financial regulator has piloted a prototype system to fight drug trafficking. The “transparent blockchain” system was developed in collaboration with a major research institute in Russia called the Lebedev Physical Institute of the Russian Academy of Sciences, the report says. According to preliminary data, “Transparent Blockchain”of Russia will require about 760 million rubles (about $10.3 million) from the federal budget since 2021 till 2023. The targeted customers of the system reportedly include major financial institutions such as Russia’s central bank.
Russia reports higher crypto scams amid the pandemic. Cybersecurity firms have identified an exponential increase in the cryptocurrency-related scams in Russia that occurred in the first six months of this year. Researchers identified 23,000 websites related to crypto scams that are still active and are targeting new victims in Russia. According to the Kommersant report, which cited research from Kaspersky Labs, the scams are three times greater than ones which occurred during the same period last year. The cybersecurity firms identified so many different types of crypto scams going around Russia online. Crypto scams have increased amid the ongoing pandemic all over the world.
 

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