The Russian authorities ordered the creation of a module for monitoring cryptocurrency transactions with the ability to identify market participants

The Russian authorities ordered the creation of a module for monitoring cryptocurrency transactions with the ability to identify market participants

According to the source, the federal service Rosfinmonitoring has already selected a contractor for “work on the creation of a module for monitoring and analyzing cryptocurrency transactions using bitcoin.”

The contractor was RCO, which belongs to Rambler Internet Holding, which means Sber. The RCO will receive 14.7 million rubles for its work.

According to the documentation, the same monitoring module will be used to track the chain of movement of digital financial assets, maintain a database of cryptocurrency wallets associated with illegal activities, as well as monitor the behavior of cryptocurrency market participants in order to identify them.

Thus, Rosfinmonitoring will have a system for tracking cryptocurrency transactions with the ability to identify participants in this market. How this will be technically implemented is not yet clear.

But in the same documentation for the project, you can find its goals. In particular, it states that the control of cryptocurrency transactions is necessary to “increase the level of law-abiding financial institutions”, taking into account the risks of money laundering and terrorist financing. In addition, Rosfinmonitoring plans to use the cryptomonitoring module to reduce the risks of financing illicit drug trafficking, as well as “to ensure the safety and targeted use of budget funds.”

The Russian authorities ordered the creation of a module for monitoring cryptocurrency transactions with the ability to identify market participants

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