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According to local publication RBC on Tuesday, the Russian financial monitoring service, Rosfinmonitoring, proposed an artificial intelligence (AI) tool to trace Bitcoin transactions in the country.
Regulators have teamed up with the Physics Institute at Moscow University to develop the “Transparent Blockchain” project that analyses Bitcoin transactions to map user behavior. It is based on a similar system deployed earlier this year to track drug trafficking in the country, the report stated.
Going under the scanner are Bitcoin, Dash, Omni, and Monero transactions. The regulators aim to monitor activity across the internet and the “dark” web, using AI to blacklist addresses and catch criminal activity by searching for keywords—like terror, kill, kidnap, and others—related to illegal uses.
The move came as Rosfinmonitoring said Bitcoin, and other cryptocurrencies, are heavily used to finance terrorism, drug and human trafficking, and cybercrimes. They did not point to any data substantiating the claims.