Tuesday, March 31, 2020

Russian Agency Will Henceforth Monitor Crypto Wallets Of Suspected Criminals

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Russian agency that caters to preventing and monitoring financial crimes in the country is set to spread its tentacles into cryptocurrencies.

Rosfinmonitoring To Monitor Criminal Wallets

A measure to curb crimes related to cryptocurrency or a means to fight criminal act in Russia would see the Russia Agency, Rosfinmonitoring that monitors and prevents financial crimes to spread its tentacles into cryptocurrency.

Rosfinmonitoring would be adopting a system that will give it access to track the cryptocurrency wallet of criminals or certain individuals in the country. According to the report from BBC, the agency will be beefing up its capacity to prevent unforeseen circumstances.

To achieve the new goal of monitoring cryptocurrency wallets of some individuals, the Moscow Institute for Security and Information Analysis (SPI) is developing a system that will aid the process, which would cost 195 million Rubles (or about $2.8 million). The system under construction by the Moscow Institute would be available before the end of the year, which will see to its implementation.

Until this moment, the process and the mode of operation of the system that would be implemented are unknown. The agency, however, has refused to reveal further information, stating that the knowledge of the new system is classified.

Russia and Cryptocurrency Regulations

Russia presently has no precise, definite regulation for cryptocurrencies. But cryptocurrency in the past one year has gone from the realm of almost ban to the government developing more interest in it.

Plans for proper regulations are underway. However, the citizens of Russia still top the countries that are involved in peer-to-peer cryptocurrency transaction in the world. This shows the citizens still prefer to trade cryptocurrency without the interference of a third party in the country.

Cryptocurrency Wallet Monitoring

The process set to be implemented by Rosfinmonitoring seems to be a similar method applied by American DEA in monitoring criminal activities on cryptocurrency, though no precise information on it is given yet because it is classified.

The system would grant the agency access to monitor the cryptocurrency transactions of a wallet to clamp down criminal activities, as it negates the principle of cryptocurrency which is the anonymity feature it gives to transactions.

According to DEA, its system has been able to track of all financial transactions that are crime related, which includes cryptocurrency with the highest level of anonymity.

This system might be helpful in curbing criminal transactions through cryptocurrencies in Russia.

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