Crypto Wallet Activities Under Watch of Russian Ministry

The Russian Ministry of Internal Affairs took the initiative to keep watch on crypto wallet owners and track transactions. Given these efforts, as reported, MVD employees have been given the access to a digital platform specifically for the aforementioned tasks. The special platform is dubbed as ‘personal account of a law of an enforcement agency’.

The Russian News Agency (TASS) reported the ministry revealed that the new system is being used to identify the crypto wallet owners and their activities.

Police Lieutenant General and the Main Department of Economic Security and Anti-Corruption of MVD’s head, Andrey Kurnosenko said that the implementation of the digital project was completed and its running successfully.

On December 9th, Kurnosenko was at the celebration eve of the International Anti-Corruption Day. It intends to bring awareness among the general public regarding the efforts being made to deal with the corruption.

While explaining the digital platform, Kurnosenko said the analytical tool makes people at MVD able to receive and assess the gathered information. This would ensure a solution to deal with specific financial risks posed against the Russian economy. In addition, it would also gather the outcome of collaborative efforts for the national projects focusing to fight cybercrime and other such fields.

Furthermore, the official said that the digital product consists of a module focusing to help the investigators to help with monitoring the crypto transactions.

Without going into further detail, the general noted that there has previously been success in identifying dishonest owners of cryptocurrency wallets by employing this method.

The Ministry of Finance accepted many ideas put up by the nation’s law enforcement organizations as part of an effort to regulate Russia’s crypto space in April, which led to the unveiling of MVD’s new crypto tracing capabilities. The confiscation of digital assets and the reporting of cryptocurrency transaction information were two topics that were covered.

A tool to detect and analyze cryptocurrency transactions is being developed by Russian authorities, according to news that first surfaced two years ago. The system’s prototype was purportedly using artificial intelligence technologies at the time, in August 2020, and was undergoing testing.

Last month, the Justice Ministry reported adding the social media platform Meta to their list of ‘extremist organizations’. The action, however, came in the wake of restricting Western social media platform campaigns.

The Russian Authorities said the social media platforms were pushing posts that could pose threat to internal peace and harmony within the country.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing