Russia to Improve Crypto Transactions with Software

Russia's financial monitoring agency, the Federal Financial Monitoring Service of the Russian Federation (Rosfinmonitoring), said on Friday it was using software to track cryptocurrency transactions and hopes to improve its capabilities, as Moscow ushers in regulation on what one lawmaker dubbed "cryptomania".

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The Bank of Russia has long voiced skepticism over cryptocurrencies, citing financial stability concerns, and has advocated for a complete ban on trading and mining, at odds with a government keen to regulate the industry.

Russia has already identified specific criminal cases involved in cryptocurrencies, said Rosfinmonitoring's head Yuri Chikhanchin, adding that the agency wants to improve its systems and identify transactions and blockchains that are currently hidden.

Chikhanchin said it was not currently possible to cover everything, partly because not all countries are so eager to regulate the industry.

"It is very difficult when cryptocurrency accounts go into the unregulated zone and we don't understand who is on the other end," he said. "But I think we will still solve this task."

Source: Business Recorder