Rosfinmonitoring will spend 1 billion rubles to strengthen control over cryptocurrencies

Rosfinmonitoring plans to spend a total of more than 1 billion rubles on the development of software to control the movement of digital currencies.

340 million rubles will be used to create a system for monitoring operations with such popular virtual currencies as Bitcoin, Dogecoin, Bitcoin Cash and Litecoin, Kommersant newspaper reports.

The corresponding tender for the development of a crypto-service was posted on the public procurement website. According to experts, Rosfinmonitoring wants to track the movement of funds in the most popular digital currencies.

In addition, the agency may be interested in private altcoins such as Monero and ZCash. It believes that the scale of the use of these virtual currencies in our country has greatly increased in recent years.

The service for monitoring transactions must also determine the addresses of senders and recipients of funds.

In the future, a registry of blockchain addresses will be created, the owners of which will be identified.

Law enforcement agencies will be able to use such a database to identify and stop suspicious transactions in order to comply with anti-money laundering legislation.

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