The most major bank in Russia has reportedly thrown their weights behind the development of a crypto tracking platform by a local firm, via a $200,000 procurement contract.

With this new move, Russia-based federal governments have reportedly taken additional strides towards achieving a closer supervision on crypto association with illicit transactions, as well as the deanonymization of crypto users’ identities.

Specifically, The Russian Federal Financial Monitoring Service – also referred to as Rosfinmonitoring – has reportedly finalized its decision for a contractor, to be tasked with designing a platform devoted to crypto activity tracking. 

Russia will reportedly dedicate 14.7 million rubles ($200,000 USD) from its budget to the creation of a “module for monitoring and analyzing cryptocurrency transactions”, utilizing Bitcoin (BTC). 

A firm which goes by the name RCO, which receives the backing from the most major bank in the country – the Sber, previously known as the Sberbank – has successfully won the procurement contract. 

Under the contract’s documentation, RCO will reportedly be in charge of designing a monitoring tool specialised in tracking the movement of digital financial assets, together with operating a database with data of crypto wallets associated with illicit activities, and supervising crypto users’ behavior for identification purposes. 

The platform will additionally be built to gather detailed profiles of crypto users, and run assessments for the role they play in the economic activity, along with identifying the possibility of them taking part in illegal activities. 

Russia’s upcoming crypto tracking tool would reportedly make primary financial monitoring and compliance more efficient, together with providing guarantee for the safety of budget funds.