Search This Blog

Showing posts with label Cyrptocurrency. Show all posts

UK to develop a system to track cryptocurrencies


HM Revenue and Customs (HMRC) of the UK Government has submitted a tender for the development of a system for monitoring financial transfers in digital money. The appearance of such a system in Russia could already have occurred.

Cryptocurrencies can be used not only for transferring funds or paying for services, but also for conducting criminal activities. This position was expressed by the UK tax service HMRC. The purpose of the introduction of this tool is the fight against criminal activity. It includes tax evasion and laundering of criminal proceeds.

Mikhail Mishustin, head of the Federal Tax Service of Russia and now Prime Minister, proposed the initiative to control income received through cryptocurrency for tax purposes in February last year.

"Money that a young person can freely move across the border using cryptocurrencies and other forms of payment, which the state does not notice and for which there is no regulatory framework, is dangerous," said Mishustin.

A similar system can already operate in Russia, suggested Dmitry Kirillov, a senior tax lawyer at Bryan Cave Leighton Paisner (Russia) LLP. He explained this by the fact that in 2018, the contract for the development of the Unified Information System was posted on the public procurement website. The 23rd page of the document states that "a tool should be created to analyze and identify illegal activities, including using cryptocurrencies."

"Apparently, the execution of the contract was completed. Therefore, I will not be surprised if the system already tracks cryptocurrency transactions of Russian users," said Kirillov.

Antonina Levashenko, the head of the Russian Center for Competencies and Analysis of Standards under the President of the Russian Federation, expressed a similar opinion. According to her, financial intelligence units of countries around the world are seeking to acquire effective tools for controlling cryptocurrency transactions, and Russia is no exception.

All experts agreed that a system for controlling transactions in cryptocurrency may appear in Russia. It is likely to focus on the fight against illegal income and the financing of terrorism.

Hackers using government websites of Russian Federation for mining


Cybercriminals used to generate cryptocurrencies not only computers of ordinary Internet users but also the resources of large companies, as well as the websites of government agencies of the Russian Federation. This was announced at a press conference on Monday by Nikolai Murashov, the Deputy Director of the National Coordination Center for Computer Incidents (NCCCI).

"Cases of cryptocurrency mining with the help of infected information resources of state organizations have been identified. In this case, attackers infect web pages, and mining is carried out at the moment they are viewed pages in the browser,” said Murashov.

He noted that the cost of most virtual coins is very high, so there are a lot of people who want to earn money easily. "Up to 80% of the free power of a computer can be used to generate virtual coins, and the legal user may not even know about it," said the Deputy head of the NCCCI. He noted that the seizure of servers of large companies for mining purposes threatens to significantly reduce their productivity and significant damage to the business.

Murashov at a press conference also said that in 2019, about 12 thousand "foreign information resources were blocked, which were used by attackers to damage our country."  In addition, according to him, in the Russian Federation at the request of foreign partners in the current year, the activities of more than 6 thousand malicious resources were stopped.

According to Murashov, users should pay attention to the security of their computers to counter such attacks. The fact of infection with malicious software should serve as a signal that the computer is poorly protected and can become a victim of any attackers.

Murashov noted that two Russian citizens were prosecuted for mining cryptocurrencies through infected computers of organizations.

"In Russia recently there were two cases of criminal prosecution of persons who used seized computers for mining cryptocurrencies," said he.

One of them is a resident of Kurgan, who used almost an entire bot network in various regions of the country. In the second case, a criminal case was initiated on the fact of using the site of company Rostovvodokanal for mining.

Bitcoin and the Cryptocurrency Market Surged At Large


The bitcoin and the cryptocurrency market yet again become the center of attention as they experience a colossal upsurge at large.

While this surge is by all accounts partially predicated by many economists, investors as well as commentators on equities and other hazard or risk assets arriving at new highs or flooding to the upside, they likewise bring into center a couple of other factors at play as well that may further explain the cryptocurrency market's outstanding performance on the 25th and the 26th of October.

BitcoinEconomics, a Twitter account investigating this space, noticed that they accept that this 42% move (42% at the pinnacle of $10,600) was something driven by the news that Chinese President Xi Jinping had embraced blockchain innovations, as on the 25th the 'world leader 'openly support blockchain advancement and appropriation to improve quite a few numbers of industries.

The previously mentioned analyst even claims that this announcement from Xi likely has driven traders to theorize on a mass deluge of interest for Bitcoin and cryptocurrencies and subsequently started to purchase digital assets "en-mass".


However other contributing components particularly the technical ones, including the mass collection/purchases observed by some traders at the $7,400 price point, combined with the possibility that the sellers had become exhausted after a 47% drop from the year-to-date high of $14,000, additionally may be an extremely strong reason for the said upsurge.