Rosfinmonitoring, Russia’s company for stopping the financing of crimes and cash laundering, has chosen a contractor to develop a proprietary bitcoin transaction software for 14.7 million Russian rubles ($200,000).

In keeping with the web site monitoring authorities contracts, an organization named RCO gained the public sale for a bitcoin monitoring software. RCO is owned by Rambler, certainly one of Russia’s main IT firms, and it makes a speciality of computer-powered textual content evaluation. The corporate diminished the preliminary worth of the contract from $270,000 to $200,000.

The product should enable the company to trace the actions of digital property, preserve a database of cryptocurrency wallets associated to felony actions and terrorism financing, and even monitor the habits of cryptocurrency market members, the public sale web page says. The system must also assist determine crypto customers, profile them and test if they’re concerned in any felony actions.

Rosfinmonitoring talked about plans to construct its personal transaction monitoring software final August, in search of a expertise to take away the anonymity of crypto customers. Again then, the company mentioned it had a prototype for the Bitcoin blockchain, developed by the Moscow-based Lebedev Bodily Institute. This 12 months, nevertheless, the company introduced an public sale to decide on a brand new firm.

Rosfinmonitoring first sought a crypto-tracking software in 2018. In keeping with the web site of presidency contracts, that was supplied and paid for. It’s unclear if the expertise has been in use. Rosfinmonitoring declined to remark.