Federal authorities in Russia are working towards a plan to closely monitor illegal Crypto transactions and other related activities.
Rosfinmonitoring has selected a contractor for developing a tool to track cryptocurrency activity. According to data from Russia’s government procurement website, the country will allocate 14.7 million rubles to establish a “module for monitoring and analyzing cryptocurrency transactions “using Bitcoin.
The contract is granted to RCO. According to reports, Russia’s largest bank, Sber, is indirectly supporting RCO. Building a monitoring tool for tracking the movement of digital financial assets and maintaining a database of cryptocurrency wallets and users’ behavior in order to identify illicit activities are The company’s tasks.
According to Rosfinmonitoring, Russia’s upcoming crypto tracking tool would improve the efficiency of primary financial monitoring and compliance. It would also ensure the safety of budget funds.
This latest development would be yet another milestone in Russia’s efforts to track cryptocurrency transactions. Rosfinmonitoring a year ago, announced its “Transparent Blockchain” initiative to track the movements of crypto-currency transactions and digital financial assets.
As reported earlier the authorities plan to “partially reduce the anonymity” of the conversions involving major digital assets such as Bitcoin and Ethereum, as well as cryptocurrencies aimed at privacy like Monero (XMR). Rosfinmonitoring initially revealed its plans to track cryptocurrency transitions in August 2018.