• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Russia to Issue First State-Backed Cryptocurrency 'CryptoRuble'
Nexo

Russia Developing Cryptocurrency Tracker

Emilio Janus by Emilio Janus
4 years ago
in News, Blockchain, News teaser
0

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.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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).

Russian Scientists in Top-Secret Warhead Facility Arrested for Mining Bitcoin

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

State-Sanctioned Exchanges

The legality of cryptocurrency use in Russia has long been in question, although a draft law “On Digital Financial Assets” is currently being read in the State Duma. If passed into law, this will mean that only licensed operators can process cryptocurrency transactions.

One can assume that these operators will have to pass all information gathered through KYC/AML procedures directly to the Russian authorities. With this information, the system could link one suspect to others through movement of funds.

Law enforcement agencies in the US and Europe use similar tools to ‘follow the trail of breadcrumbs’ in financial crimes.

Russia Still Lacks Legal Framework For Tax

A Microbe in a Drop of Water

Internet expert Anton Merkurov believes that the system could actually have the opposite effect. He thinks that such monitoring will only lead to more obfuscation from cryptocurrencies in order to make them impenetrable to governing bodies.

Perpetrators are also able to confuse the tracking attempts of law enforcement agencies by creating a new wallet for each transaction.

He also points out that in comparison to the total amount of laundered funds, that laundered through cryptocurrency is relatively small. The turnover through LocalBitcoins is up to 1 billion roubles per week. Compare this to Colonel Zakharchenko, a police officer who was found with around 9 billion roubles.

Merkurov likens this process to trying to find a microbe under a microscope in a drop of water.

What do you think about Rosfinmonitoring? Let us know in the comments below!


Images courtesy of Bitcoinist archives, Shutterstock.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Emilio Janus

Emilio Janus

Related Posts

Riot Blockchain

Riot Blockchain’s Texas Expansion Could Use Power To Light 200,000 Homes

1 day ago
Bitcoin

Bitcoin No Longer Rat Poison? Warren Buffett-Backed Nubank Unveils Crypto Trading

2 days ago
Twitter Shares Shed 20% As Elon Musk Says $44 Billion Takeover Deal Postponed

Twitter Shares Shed 20% As Elon Musk Says $44 Billion Takeover Deal Postponed

2 days ago
LUNA

Will Terra LUNA Go Extinct After Being Delisted By Binance, Bybit And eToro?

4 days ago
Robinhood

Robinhood Shares Rally 20% After FTX Founder Sam Bankman-Fried Acquires 7.6% Stake

4 days ago
Metaverse

Metaverse Casino Ordered By Five State Regulators To Shut Down Immediately

4 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.