Russian Authorities to Track Cryptocurrency Transactions

Russia's Federal Financial Monitoring Service (Rosfinmonitoring) will expand its set of analysis tools with a new system allowing for data about cryptocurrency wallets tied to certain individuals. As reported by BBC News Russian earlier this week, the system is being developed by Moscow Institute for Security and Information Analysis (SPI) with the aim to collect and store information about individuals suspected of financial crimes as well as to establish possible connections between fraudsters. In addition to information on individuals' bank accounts and issued cards, telephone numbers and digital money accounts, the updated system will also include details about cryptocurrency wallets he or she is using. According to documents published through Zakupki.gov.ru. an electronic auction system that registers purchases and purchase requests from Russian state agencies, Rosfinmonitoring should get the system before the end of the year with its price tag being around 195.5 million rubles ($2