Russia’s Interior Ministry Employs Tool to Identify Crypto Wallet Owners, Track Transactions – Bitcoin News

The Russian Ministry of Internal Affairs is now using a digital tool allowing officers to link cryptocurrency wallets to their owners. The software also has a feature facilitating the monitoring of crypto asset transactions, the department told Russian media.

Russian Police Brag About New Crypto Tracing Tool on Eve of Anti-Corruption Day

Employees of MVD, the Ministry of Internal Affairs of the Russian Federation, now have access to a specialized digital platform called “Personal account of a law enforcement agency,” Tass reported. The ministry revealed to the news agency that it’s identifying owners of cryptocurrency wallets using the new system.

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“This digital project has already been implemented and is successfully operating,” the head of MVD’s Main Department of Economic Security and Anti-Corruption, Police Lieutenant General Andrey Kurnosenko, told Tass on the eve of the International Anti-Corruption Day, celebrated on Dec. 9 to raise public awareness for efforts to combat corruption.

Kurnosenko explained that the analytical tool allows his colleagues to quickly receive and evaluate collected information about specific financial risks for the Russian economy and also compile the results of joint work within national projects in the field of fighting cybercrime and other fields.

The high-ranking MVD official also highlighted that the integrated product features a module developed to help investigators monitor cryptocurrency transactions. “There is already a positive experience of using this tool to identify unscrupulous owners of crypto wallets,” the general pointed out, without elaborating further.

The announcement of MVD’s new crypto tracing capabilities comes after in April the Ministry of Finance accepted for review a number of proposals submitted by the country’s law enforcement agencies as part of a push to regulate Russia’s crypto space. One of the areas addressed was the seizure of digital assets and the reporting of crypto transaction data.

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News that authorities in Russia are developing a platform to track and analyze transactions involving cryptocurrencies came out two years ago. At the time, in August 2020, the prototype of the system, reportedly employing artificial intelligence technology, was undergoing tests.

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crypto assets, crypto cryptocurrency, crypto wallet, crypto wallets, Cryptocurrencies, Department, interior ministry, Law Enforcement, ministry, MVD, platform, Police, Russia, russian, Software, system, tool, tracing, Tracking, Wallet, Wallets

Do you think Russian law enforcement will actively use the new crypto tracking tool? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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