Russia has created a service for tracking transactions with cryptocurrency

The development of a service for tracking cryptocurrency transactions for criminal components is carried out by Rosfinmonitoring together with the Ministry of Digital Development

Russia has created the Transparent Blockchain service for tracking cryptocurrency transactions, developed by Rosfinmonitoring. This was stated by the head of the department, Yuri Chikhanchin, at a meeting with President Vladimir Putin. According to him, the developed mechanism is able not only to analyze crypto transactions, but to identify signs that indicate a criminal component of the transaction.

“There are already criminal cases,” added the head of Rosfinmonitoring, explaining that “Transparent blockchain” will allow his department “to see all the movements with cryptocurrency, that is, attempts to hide behind cryptocurrency.”

Chikhanchin added that in this matter, the financial intelligence service is actively cooperating with relevant agencies abroad, in particular, Finland, Luxembourg, Liechtenstein, Belarus, Malta and others. Now the Transparent Blockchain project is under the control of the Russian government. The Ministry of Digital Development provides support to Rosfinmonitring so that the agency can complete the development of the service this year.


For the first time, Rosfinmonitoring announced the creation of a system for monitoring cryptotransactions in August 2020. Then the prototype of the system was already developed and tested in the field of countering the drug business. The service reported interest in the prototype from the Ministry of Internal Affairs and the financial intelligence of a number of countries.

On January 1, 2021, the law “On Financial Digital Assets” came into force in Russia, which defines cryptocurrency, but prohibits its use to pay for goods and services.

Source RBC

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