Earlier, Nikkei Asian media reported that as many as 15 countries are planning to set up a global digital currency monitoring system. The system, developed in conjunction with the Financial Action Task Force (FATF), will collect and share personal and transactional data for digital currency transactions to prohibit the use of cryptocurrencies in illegal activities. However, this is a fake news and no such special working group has been formed. FATF Senior Policy Analyst Tom Neylan confirmed in a conference call with the media Finance Magnates that the FATF did not develop any systems and would not take the data. After all, the FATF is not a law enforcement agency, nor does it create a business solution business, but sets standards and promotes effective implementation.