Russia’s financial monitoring agency, Rosfinmonitoring has said it will use software to track cryptocurrency transactions in the country.
This, is in a bid to improve its capabilities, as part of its regulation intervention.
The system will also help the agency to identify transactions and blockchains that are currently hidden.
The Head of Rosfinmonitoring, Yuri Chikhanchin disclosed that the draft legislation on regulating cryptocurrencies would be put to the house in the autumn.
“It is very difficult when cryptocurrency accounts go into the unregulated zone and we don’t understand who is on the other end,” he said. “But I think we will still solve this task.”
The head of the finance committee in Russia’s lower house of parliament, Anatoly Aksakov said “The same needs to be done with crypto exchanges and trading,” he said. “The phenomenon exists and it cannot be ignored.”
“There will be strict regulation,” Aksakov said, comparing “cryptomania” to addiction in the gambling sector, which is tightly regulated in Russia.
Aksakov added that a cryptocurrency mining law is expected to be considered soon, an area the government hopes to tax.
Recall that the Bank of Russia has long voiced skepticism over cryptocurrencies, citing financial stability concerns, and has advocated for a complete ban on trading and mining.
The government is however keen on regulating the industry.