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Russia Developing Cryptocurrency Tracker – Bitcoinist.com

31 Aug Russia Developing Cryptocurrency Tracker – Bitcoinist.com

Posted at 03:33h in Cryptocurrency News by

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The Federal Financial Monitoring Service of Russia (Rosfinmonitoring) has commissioned an analytical tool for monitoring cryptocurrency transactions. The system will particularly focus on bitcoin, as reported by BBC’s Russian service.

Plug In, Baby

Rosfinmonitoring, whose responsibilities include countering financial fraud and terrorist financing, already use a bespoke Unified Information System. This allows for the input of disparate information about suspects in financial crimes, in order to find connections between them.

By the end of 2018, the system should have the added functionality to process information on bitcoin transactions and wallets. This, of course, relies on linking a wallet to a person, bank account, or phone number in the first place.

The contract went to the Moscow Institute of Security and Information Analysis (SPI). Along with other updates to the system, it will be worth a cool 195.5 million roubles ($2.87m US).

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