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Armenian authorities to purchase software to control cryptocurrency transactions

The program will help identify cases of concealment and laundering of illegal income through cryptocurrencies.

YEREVAN, June 6 - Sputnik. Armenia's State Revenue Committee will purchase American Chainalysis program complex to control transactions in cryptocurrency (and other transactions based on blockchain technology). The resolution on this was adopted at today's government session.

The program can monitor not only the movement of funds in the “crypto world”, but also transactions between it and the world of real money, that is, to trace transactions on their transfer to the “crypto” and back. This can help to detect cases of concealment and laundering of illegal proceeds.

AMD 85 million (about $218 thousand) will be allocated for the purchase of this program.

In addition, the State Revenue Committee is preparing to purchase several other digital systems: an electronic “one window” system for foreign trade (AMD 300 million/$770 thousand), a system for receiving tax returns from cab drivers (AMD 198.5 million/$510 thousand).


Reprinted from SPUTNIK Armenia

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