Russian Financial Monitoring System Looking for Tool to Track Crypto Dealings
The Russian Federal Financial Monitoring Service has asked for a diagnostic tool to keep track of crypto dealings, especially those in Bitcoin (BTC).
This is according to BBC News Russia.
By the end of the year, the new application would be included in a abbreviated monitoring system for the organization, whose main goal is to tackle fraud schemes and avert terrorism funding. The tool is set to unite fragmented information on fraud and connect many different cases.
The winner of the government contract to work on such a monitoring program was the Moscow-based Institute for Information Security and Analysis (SPI). The SPI had previously worked on iRule software, which was used by the Monitoring Service itself as well as by Russian security forces and insurance companies.
According to public documents, the contract is worth 195.5 million rubles or an estimated $2.9 million, and describes a technology that would permit the tracking of digital wallet users. The tool could find a specific person’s name, bank account, credit card, and cellphone number, as well as the number of the electronic wallet. It would also include data on cryptocurrency and Bitcoin transactions.
Russia’s Federal Financial Monitoring Service has long taken a serious position towards cryptocurrencies.
Vladimir Putin’s ex-adviser on the Internet, German Klimenko, who is well known for his strict approach to blocking messaging app Telegram in Russia, explained the government’s position on cryptocurrency. He was quoted as saying:
“Due to anonymity and the inability to find sources of transactions, cryptocurrencies are used in a gray area. For example, in the Darkweb to purchase weapons, drugs or violent videos. Lawmakers in many countries are concerned about this phenomenon which was confirmed by the analysis that we conducted on behalf of the president [Vladimir Putin].”
Posted from my blog with SteemPress : http://www.cryptalnews.com/russian-financial-monitoring-tool-track-crypto/