Yes we can monitor the I2C communication by RS232. In the past when requiring to monitor I2C communications between two devices I would use a logic analyzer. Such monitoring was useful to determine if the I2C communications between devices was properly configured. Even though this is quite useful and efficient, it does require a logic analyzer, with an I2C protocol debugger. Such devices are actually pretty common and not too expensive (e.g. Saleae Logic analyzer), but sometimes these may be overkill and a small specialized device may suffice. In comes the I2C monitor. Something which:

1. Can monitor simple I2C communications between two or more devices (at up to 100kHz bus speeds)
2. Does not respond, acknowledge, or in any way modify the communication being monitored
3. Outputs the transactions through RS232.

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