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One of Russia's watchdogs looked at the monitoring of encrypted transactions. A new system, which will be implemented in the coming months, aims to track cryptocurrency transactions, in particular those related to Bitcoin.
The main objective of Russia's Financial Monitoring Service (Rosfinmonitoring) is to combat financial fraud and terror financing. One of their tools for doing this is their Unified Information System. As the name suggests, this program allows users to add apparently random information to the system, which then collects data to find a link and indicates the authorities to the criminal or person concerned.
The end of this year will see the tool introduce a new feature – an addition of cryptocurrency tracker, specifically targeted at Bitcoin transactions. BBC Russia reported that in addition to information such as the person's bank account number, users will be able to also add details of the digital wallet.
The Moscow Institute for Security and Information Analysis (SPI) will carry out the update, which, in addition to other system updates, will cost just under $ 3 million.
No Crypto Freedom in Russia
The first vice president of the Bank of Russia, Olga Skorobogatova, has previously stated that the bank does not intend to allow the independent trading of cryptocurrencies . Indeed, a bill entitled "On digital financial resources" states that encrypted transactions in Russia can only be completed by authorized authorities.
Herman Klimenko, a former adviser to President Putin believes that these steps are necessary to control "anonymous" "cryptocurrencies as they are used primarily to finance illicit activities and to buy illegal goods.
Bitcoin monitoring could encourage escaping
However, Anton Merkurov believes that this approach will actually encourage this type of behavior.The chief editor of Satoshi.fm said via translation:
If you look at the entire volume of recycled funds, the amount that is recycled through the cryptocurrency is very small, so let's say that the turnover of the LocalBitcoin exchanger reaches one billion rubles a in fact, it is not much [compared to the 9 billion rubles in the case of] Colonel Zakharchenko
Zakharchenko, who was head of an anti-corruption division of the Russian police, was found with almost $ 140 million in unexplained cash. Very ironic?
Merkurov believes that the more Russian authorities will essentially push for centralization of decentralization in the country, the harsh crypto believers will work to make that job as difficult for them as possible. One way to do this would be to create different portfolios for each new transaction.
Do you think this new approach to the location of cryptography will be successful in Russia? Let us know in the comments below!
Images courtesy of ShutterStock
