Russian financial authorities signed a contract to create an instrument "for analysis and detection of illegal activities involving cryptocurrencies". The instrument development is estimated at $3 million.

By the end of 2018, Russian Federal Financial Monitoring Service expects to implement a special tool in its workflow, aimed at tracking transactions with cryptocurrencies, BBC Moscow bureau reports. The contract was signed in April, but the information about it was found on the official site of state procurement.

In April, following an open competition, the financial service, according to revealed materials, signed a contract with the Moscow Institute for Security and Information Analysis. As indicated on its website, this organization deals with issues related to "analytical support of law enforcement activities, as well as professional training of specialists on the most pressing security issues (terrorism, drug trafficking, money laundering and fraud in telecommunications, banking and insurance)."

New instruments, according to the contract, will be implemented into the already functioning Single Information System of the Russian Federal Financial Monitoring Service (Rosfinmonitoring).

By 31 December, as indicated in the contract, the system also "must launch a tool for analysis and detection of illegal activities, including those with cryptocurrencies." It is not specified which digital currencies, apart from bitcoin, will be monitored by Rosfinmonitoring.

This tool will cost 195.5 million roubles (app. $3 million) for the Russian state budget.

Earlier, Russian deputy finance minister Alexey Moiseev said that there were several thousand illegal cryptocurrency exchangers in Moscow that acted without licenses.