[ad_1]
The Russian Federal Financial Monitoring Service has ordered an analytical tool to track encrypted transactions, especially those in Bitcoin (BTC), reported BBC News Russia on 29 August.
By the end of 2018, the new application will be included in a condensed monitoring system for the organization, whose main objective is to tackle fraud schemes and prevent terrorist financing. The tool should combine fragmented information on fraud and link different cases.
The winner of the government contract to develop such a monitoring program was the Institute for Security and Information Analysis (SPI) based in Moscow. The SPI had already developed the iRule software, which was widely used by the Monitoring Service itself, as well as by the Russian security forces and insurance companies, according to the BBC.
According to public documents, the contract is worth 195.5 million rubles (about $ 2.9 million) and describes a technology that would allow the monitoring of users of the digital wallet. The tool could find the name of a particular person, the bank account, the credit card and the mobile number, as well as the number of the electronic wallet. It will also include data on cryptocurrency and bitcoin transactions.
The Federal Financial Monitoring Service of Russia has long assumed a critical attitude towards cryptocurrencies. In a 2014 press release, the regulator said that the simple use of digital money could be a reason to consider the transaction illegal.
The former advisor to Vladimir Putin on the Internet German Klimenko, who is well known for his hard-line approach to blocking the Telegram messaging app in Russia, explained the government's position on cryptocurrency to the BBC:
"Because of the anonymity and the inability to find sources of transactions, cryptocurrencies are used in a gray area, for example, in the Darkweb to buy weapons, drugs or violent videos The legislators of many countries are concerned about this phenomenon which was confirmed by the analysis we conducted on behalf of the president [Vladimir Putin]. "
In May, the Committee for Legislative Work of the State Duma Russian has announced that it will support the first reading of an initiative that will establish standards for the digital economy, including how citizens can interact with cryptography.
[ad_2]Source link
