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Russia’s Central Bank and Rosfinmonitoring unveil pilot of fiat-to-crypto tracking system

Russia’s Central Bank and Rosfinmonitoring unveil pilot of fiat-to-crypto tracking system

CointimeCointime2024/04/27 09:43
By:Cointime

According to reports, since 2023, Russia has been trying to track cryptocurrency transactions and their sources. The Russian Central Bank and the Federal Financial Monitoring Service (Rosfinmonitoring) revealed that there is currently a system that allows private banks to track the connection between fiat-based transactions and cryptocurrency business.

The announcement was made at the "Current Anti-Money Laundering/Anti-Terrorist Financing Issues" forum organized by Rosfinmonitoring. The forum also disclosed that the pilot project started in 2023, and five large credit institutions are cooperating with Rosfinmonitoring. It is expected to continue until April next year, but it can also be extended.

Ilya Bushmelev, the portfolio management director of Rosfinmonitoring's partner Innotech, said that the pilot project may help banks establish "know your crypto customer" and "know your crypto transaction" procedures, and pointed out that the system may be useful for compliance and regulatory purposes. (Bitcoin.com)

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