Rosfinmonitoring develops service to track cryptocurrency transactions

Rosfinmonitoring, together with law enforcement and the Academy of Sciences, has developed a service that will allow tracking cryptocurrency transactions. This was announced at a meeting with President Vladimir Putinзаявил head of the agency Yuri Chikhanchin.

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“This will give us the ability to track these transactions in cryptocurrency, and most importantly, we are currently testing the indicators and criteria that in the general flow of transactions could show us where there is a crime. There are already criminal cases,” said Chikhanchin.

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The project is planned to be completed by the end of the year, he added.

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Putin also asked what “Transparent Blockchain” is. Earlier media reported that Rosfinmonitoring is developing a system for analyzing cryptocurrency transactions under that name.

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“This is exactly the mechanism that will allow us to see all movements in cryptocurrency, that is, attempts to hide behind cryptocurrency, because it is inaccessible, it provides the ability to hide the true beneficiary — I think it will enable us to uncover all this.” — Chikhanchin said.

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The head of Rosfinmonitoring also spoke about the liquidation of Antares Limited. Earlier the Bank of Russia stated that it had organized a financial pyramid, in which managers from «Cashbery» participated.

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According to Chikhanchin, the company offered investments in cryptocurrencies:

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“Together with colleagues from nine foreign countries we are now identifying the beneficiaries, and the online resource is blocked. We are currently determining how much money has been withdrawn, by whom, and how much.”

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As experts believe that instead of building a Russian system to track cryptocurrency transactions it would be more sensible to study existing analogues.

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