Rosfinmonitoring, the Federal Financial Monitor Service has come up with the development plan for tracking the cryptocurrency transactions. According to the updates, the anti-financial crime system needs the cryptocurrency tracking tool, the Russian watchdog mentioned to the press.
Why cryptocurrency tracking tool?
As per the update from the Russian watchdog, the basic idea behind this crypto-tracking tool is to allow the money police to detect any fishy financial activity into a thread of investigable data. Cryptocurrencies such as Bitcoin that government considers safe and secure has evidenced several disturbing hacks.
According to the media sources, the Russian Watchdog claims that by the end of 2018 the system should be added with the functionality to process information on all the bitcoin wallets and transactions.
Obviously, for the system to work, it is very crucial that the wallet this tool is used to track must be linked to a person, bank account, or simply a phone number.
More Details on this Cryptocurrency Tracking Tool
The contract of this project has gone to the Moscow Institute of Security & Information Analysis (SPI). Adding to this information, the media report also suggested that the project will be worth 195.5 million roubles that is equivalent to $2.87 USD.
State-Sanctioned Cryptocurrency Exchanges
Russia has been making some changes when it comes to legalizing cryptocurrencies. According to the updates, the Russian authorities have drafted a law “On Digital Financial Assets” for cryptocurrencies. As per this new draft, the KYC or AML information collected by the cryptocurrency operators to the Russian authorities. Through this system, the link could easily link one suspect to another through simple transactions.
There is a good chance that the Russian Watchdog will soon come to launch their new cryptocurrency tracking tool with additional features.
With the increasing number of the scams and frauds in the cryptocurrency field, Russian financial watchdogs have come up with the idea of developing a cryptocurrency tracking tool.