Russia grants $200K to build tool for tracing crypto transactions

Russia grants $200K to build tool for tracing crypto transactions

The government of Russia has approved a $200,000 grant for a research project to develop a “tracing” tool that could potentially be used by the country’s authorities to trace transactions on the blockchain, the technology behind cryptocurrencies.

The Russian government has approved a $200,000 grant for a project that will help develop a digital market for tracing the origin of crypto values. The grant was recently awarded to Sergei Kravchenko, a professor at the University of South Florida. The project will help develop a digital market for tracing the origin of crypto values, which will aid law enforcement agencies in the investigation of cybercrime.

The Russian government is in the midst of a major push to modernize its country’s financial system, and one of the tools being developed by the central bank is an automated tool to detect suspicious transactions. The goal of the project, called “Arantyr”, is to develop a tool that can be used for automated detection of financial crime.. Read more about russian bitcoin exchange and let us know what you think.

Russia grants $200K to build tool for tracing crypto transactions

 

Russian federal authorities are pushing ahead with a plan to carefully monitor cryptocurrency activity for illegal transactions and to deanonymize the identity of cryptocurrency users.

The Russian Federal Financial Monitoring Service (Rosfinmonitoring) has hired a developer to create a platform for tracking bitcoin activities. According to Russia’s official procurement website, the government will set aside 14.7 million rubles ($200,000 USD) from its budget to develop a “module for monitoring and evaluating cryptocurrency transactions” based on Bitcoin (BTC).

The procurement contract was awarded to a firm known as RCO, which is allegedly indirectly funded by Russia’s biggest bank, Sber, previously known as Sberbank, according to government statistics.

RCO will be charged with developing a surveillance tool for tracking the transfer of digital financial assets, keeping a database of cryptocurrency wallets engaged in illegal operations, and monitoring crypto users’ behavior in order to identify them, according to the contract’s paperwork.

The software will also be able to build comprehensive profiles of crypto users, evaluate their involvement in economic activity, and predict their probability of engaging in criminal behavior. Russia’s forthcoming crypto tracking tool, according to Rosfinmonitoring, will enhance the efficiency of primary financial monitoring and compliance while also ensuring the safety of budget money.

Russian legislators are preparing a legislative change to seize cryptocurrency.

This is the latest step in Russia’s attempts to track cryptocurrency transactions, which began a year ago when Rosfinmonitoring launched the “Transparent Blockchain” project to trace the flow of digital financial assets.

The authorities intended to “partially limit the anonymity” of transfers involving significant digital assets like Bitcoin and Ether (ETH), as well as privacy-oriented cryptocurrencies like Monero, as previously reported (XMR). In August 2018, Rosfinmonitoring announced its intentions to follow crypto changes.

As the world’s largest cryptocurrency, Bitcoin trade volume has skyrocketed making it an attractive target for cybercriminals and fraudsters looking to launder money. So, to combat these attempts, Russia has proposed a new law that will allow investigators to track digital currencies such as Bitcoin across the world.. Read more about fc cryptocurrency and let us know what you think.

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