Crystal blockchain to assist Ukrainian Government with virtual asset monitoring
With the more reach of cryptocurrencies to users, the governments also have to accept them as a part of the world of finance. As per the latest news from Ukraine, this belief is strongly held valid. In coming days the country will have a policy for monitoring of the same also.
Crystal blockchain is all set to assist the Ukraine Government with monitoring virtual asset transactions. Crystal blockchain, which is a subsidiary of Bitfury is well known for manufacturing software that helps organizations and agencies to monitor digital transactions. This move is welcomed by the crypto industry as the Government is showing a keen interest in developing digital assets. It will help to build trust about virtual asset transactions among the general public.
Verify the origin of transactions
With this collaboration, the Ukrainian Government aims to monitor the origin of transactions. This will be used by both governments as well as private entities like banks and other financial institutions. The analytics software developed by Crystal Blockchain will be helpful in this regard, and the company officials are currently providing training to the government authorities to monitor the transactions on the digital platform and verify the origin of the transactions.
Legalization of virtual assets market in Ukraine
The Government has also released a statement in this regard and confirmed that they are working towards legalizing virtual assets markets in Ukraine. By joining hands with Crystal Blockchain, the Government aims to use the analytics solution to verify the source of illicit transactions. The Ukraine financial market has shown great interest in digital assets in recent years, and they are more open towards adopting cryptocurrencies when compared to other countries.
All transactions may not be monitored
While the Government plans to use the technology to monitor the origin of transactions, all the transactions may not be monitored. It can become an overwhelming task for the government agencies to monitor all the transactions, and there is no purpose behind doing so. In this regard, market experts are of the opinion that only suspicious transactions will be monitored for their origin so that they can prevent money laundering and fraudulent activities on the crypto platform.
This is a good move by the Government as there is no point in blaming the crypto platform for every fraudulent transaction when the government agencies are not in a position to monitor the activities. This move by the Ukrainian Government may motivate other countries to follow the same route.