Fincl watchdog says creates service to track cryptocurrency crime

MOSCOW, Feb 19 (PRIME) -- Russia’s Federal Financial Monitoring Service has designed a digital service to track illegal cryptocurrency transactions, Director Yury Chikhanchin said on Friday at a meeting with President Vladimir Putin.

“Drug dealers actively use electronic systems of payment and cryptocurrencies. Together with the law enforcement agencies and the Academy of Sciences, in the first place, we’ve designed a digital service, which enables us to analyse crypto transactions. It will help us track these transactions in the cryptocurrency,” Chikhanchin said.

He said the mechanism is called a transparent blockchain.

“This is the mechanism that will help us see all movements with the cryptocurrency, or efforts ‘to hide’ behind a cryptocurrency, because it is beyond our reach, it makes hiding the real beneficiary poaaible, I believe (this mechanism) will help us uncover the matter,” the official said.

The authority is now working on elaboration of signs and criteria to reveal crime with cryptocurrencies in the total flow of deals, he said.

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