Russian government holds high level meeting to tackle cyber crimes

The growing occurence of cyber crimes in Russia is forcing the government to come down hard on many aspects including cryptocurrencies.

By · Jul 18, 2020 . 5min read

Photo by Markus Spiske on Unsplash

The Russian Government is growing increasingly vigilant against the rise of cyber crimes in the country. The Prosecutor General of Russia held a high-level meeting with the executive heads of respective departments including officials from Putin’s administration.

On 17th July, 2020 the General Prosecutor’s Office of the Russian Federation released a official statement. According to Igor Krasnov, the Prosecutor General, the number of cyber crimes has gone up to 25 times in the last 5 years. At the same time, the detection rate of these crimes is only 25%. This would indicate that the actual number of crimes is far higher. In 2020 alone, there has been an astounding 92% increase from last year. Krasnov commented on how the crimes range from anything between embezzlement of funds to serious threats against the country’s critical infrastructure.

Currently, the Russian Government is not well-equipped to deal with the growing sophistication of such crimes. Many of the attackers use foreign infrastructure in order to commit these crimes. Moreover, they break into the information systems of Russian government bodies, corporations, and banks like this.

Will Kremalin permanently ban cryptocurrencies?

Krasnov stated that the various departments need to closely work together in order to comprehensively deal with the attackers. He further stated that they ought to make use of specialized law enforcement networks and the international police given the foreign nature of many of the cyber crimes.

He also mentioned the role of cryptocurrencies prevalent in cyber crimes. Crimes like drug trafficking, financing of organized crime and terrorism are facilitated by crypto. We reported earlier on how the Kremlin is becoming increasingly furious with activists in the country. They are using cryptocurrencies to circumvent the government’s corruption.

It should come as a reality check that the Russians are seriously looking into ways of squashing the power of crypto. In conclusion, the meeting is likely to be the first step towards total containment.

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