The Financial Action Task Force (FATF) is developing a special system to collect, review and evaluate the personal information of citizens engaged in cryptocurrency transactions in any way.
Developed by FATF, this system will cover not only one country but many countries around the world. Already, 15 countries are said to be co-operating with the FATF on the issue, among which include Names such as Australia and Singapore, which are G7 members.
According to sources such as the Nikkei Asian Review and Finance Magnates, it won’t be long before FATF can prepare this system. The statements made so far are that the plans for this system are to be completed in 2020; the system itself is expected to be ready in a few years.
Special Tracking System,
The details of this system, developed by the Financial Action Task Force, are not yet known. No official public comment has been made on this issue.
According to current information, this system is known to be used specifically to stop illegal activities such as money laundering and terrorism financing. Another known thing is that this system developed by FATF will be used by the private sector.