Ukrainian Ministry Plans to Track Crypt Currency Transactions with Bitfury’s Help

The Ministry of Digital Transformation of Ukraine, a major government authority behind the regulation of crypto-currency locally, will implement Bitfury’s cryptanalysis tool to track crypto-currency transactions.

Polkadot is rumored to be preparing a new token sale
As officially announced on July 23, the ministry has signed an agreement with Birfury’s encryption compliance product known as Crystal.

Crystal will provide cryptanalysis expertise to the Ukrainian government

Launched by Bitfury in early 2018, Crystal is a suite of solutions designed to combat crimes involving crypto currencies such as Bitcoin (BTC).

Crypto Resources and Binance will hold an open workshop on Trading
Crystal employees will now provide the Ministry with expertise in analyzing these transactions, Crystal explained on its website. Ministry executives will receive relevant training to professionally monitor digital asset transactions through the platform, Crystal said.

Ukraine wants to trace the source of illicit transactions
According to the Ministry, the main objective of the new partnership is the „rapid formation and legalization of the virtual asset market in Ukraine“. By implementing these analytical solutions offered by Crystal, the Ukrainian government hopes to verify the source of illicit transactions, the official announcement states.

Crypto Plaza points out the difficulties in finding banks in Spain that facilitate operations with cryptomoney
Kyrylo Chykhradze, product manager at Crystal Blockchain, believes the cooperation will bring greater adoption to the industry. He said:

„The team at Crystal Blockchain is delighted to be able to assist the Ukrainian government as the country moves steadily towards greater adoption of cryptomonies. We are proud to assist with the implementation of AML (anti-money laundering) legislation in Ukraine.

Crystal does not support privacy-focused currencies

According to the information on Crystal’s website, the platform supports a large number of crypto currencies such as, Bitcoin (BTC), Ether (ETH), Tether (USDT), XRP, Bitcoin Cash (BCH), as well as ERC-20 and ERC-721, or the so-called non-expendable tokens or NFT. Apparently, the system does not feature important privacy-focused currencies such as Zcash (ZEC) and Monero (XMR).

A Ukrainian hacker was caught selling government databases for crypto-currencies
In the announcement, Crystal said its software is used by several Ukrainian banks, private and government agencies to monitor financial transactions. Cointelegraph contacted Crystal for more information on their collaborations and hopes to update this news with any new information.