The Russian Federation is developing a new module to monitor all crypto transactions

The Federal Financial Monitoring Service of the Russian Federation has announced that the selected supplier is already starting to work on a module that will be used to monitor cryptocurrency transactions.

The Russian Federation is developing a new module to monitor all crypto transactions

The attitude of the Russian Federation towards cryptocurrencies is becoming more and more reminiscent of a fight with windmills, literally.

The latest proof of this is the decision of the Federal Financial Monitoring Service (Rosfinmonitoring) that it wants to have full control over all crypto users and thus transactions.

Rosfinmonitoring wants to achieve this in cooperation with a new supplier, which is about to start working "to create a module for monitoring and analyzing cryptocurrency transactions using bitcoin," reports the Russian daily RBC.

According to the official documentation, this module will perform in particular the following tasks:

  • Tracking the chain and movements of digital financial assets;
  • Maintaining a database of cryptocurrency wallets relating to illegal activities and terrorist financing;
  • Monitoring the behavior of cryptocurrency market participants in order to identify them, compile participants' profiles and assess their role in economic activity, as well as identify the likelihood of their participation in illegal activities.

This contract was won by Rambler Internet Holding LLC., which entered into an agreement to develop this module in the amount of 14.7 million rubles, which is approximately $ 201K.

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