Indirectly backed by Russia’s largest bank A Russian company will build a crypto tracking platform as part of a $200,000 procurement contract.
Federal authorities in Russia are taking steps to closely monitor cryptocurrency activity for illicit transactions and reveal crypto users’ identities.
The Russian Federal Financial Monitoring Service, also known as Rosfinmonitoring, has selected a contractor for developing a platform for tracking cryptocurrency activity. According to data from Russia’s state procurement website, the country will allocate 14.7 million rubles ($200,000 USD) from its budget to create a “module for monitoring and analyzing cryptocurrency transactions” using Bitcoin
The contract was granted to a company referred to as RCO, which is reportedly indirectly backed by the Russian largest bank, Sber, formerly known as Sberbank. Under the documentation, RCO will be tasked with building a monitoring tool for tracking the movement of digital financial assets and maintaining a database of cryptocurrency wallets involved in illegal activities.The platform will also be designed to compile detailed profiles of crypto users and assess their role in the economic activity as well as identify the likelihood of their participation in illegal activities.
