The Indian Ministry of Home Affairs (MHA) is developing the Cryptocurrency Intelligence and Analysis Tool (CIAT), an instrument to analyze and monitor crypto transactions. The solution will identify and provide law enforcement agencies with information on unusual activity.
The Indian Cybercrime Coordination Centre (I4C) has started developing the Cryptocurrency Intelligence and Analysis Tool (CIAT) for analyzing and monitoring crypto transactions. The project was initiated by the MHA due to the strong increase in the level of illegal activities related to digital assets in the country. CNBC reports that.
The CIAT will function as a universal tool designed for constant monitoring of the darknet. It will identify anomalous activity and track the addresses of cryptocurrency wallets involved in digital asset transactions. The CIAT will create detailed records of such transactions, including addresses, timestamps, dates, exchanges used, and more.
Furthermore, the CIAT will be able to perform law enforcement alerts on the activity of specific accounts that show suspicious activity or display unusually high transaction volumes. What’s notable is that the tool will be fully automated. This will greatly enhance the authorities’ ability to respond quickly to potential threats.
Another important part of the CIAT’s functionality will be the creation of a database of crypto exchanges both inside and outside the country. This will allow law enforcement agencies to cooperate with trading platforms during investigations, if necessary.
India was recently recognized as the country with the highest adoption rate of cryptocurrencies.