As reported today by BBC Russia, Rosfinmonitoring, A.K.A The Federal Financial Monitor Service has instructed the Russian Watchdog to develop an analytical tool for tracking cryptocurrency transactions.
The firm, Rosfinmonitoring has seen the need for crypto-tracking tool in the anti-financial crime system, so has asked the Russian Watchdog to see to that.
The about-to-be developed tool is expected to monitor all transactions carried out in every single Bitcoin wallets. It will be built in such a way that every suspected moves of crypto embezzlement or fraudulent moves will be recorded for further investigation as it will also include names, bank accounts, credit or debit cards details, as well as the mainstream transactional records of the individual involved.
This project will be embarked on with immediate effect because a lot of governmental bodies now take bitcoin as the safest and anonymous tools to fuel financial crimes.
The project is expected to be completed by the end of 2018 as the firm, Rosfinmonitoring, has already offered a 195 Million Ruble to the Moscow Institute for Security and Information Analysis (SPI) to develop the system.
Personally, I see this decision taking cryptocurrency to the promised land, reason being that, it would help reduce if not completely stop all the fraudulent activities going on today via the internet. But the big question still remains, how do they intend to make this come to fruition, like the task ahead seems not to be an easy task. Only time will tell.
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