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

Bitcoin.com

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.

How To Get Free Crypto  

“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.

Coinbase Banner  

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.

Tags in this story
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

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

FreeBitcoin Banner  

Read disclaimer

Go to Source
Author: Lubomir Tassev


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.