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Central Bank of Russia pays attention to growth in use of cryptocurrency in financial pyramid

Organizers of pyramid schemes have begun to make more active use of cryptocurrency, but their number as well as damage caused by them is being reduced.

According to NSN, it was stated by Head of the Main Directorate of combating unfair practices of conduct on the open market by the Bank of Russia Valery Lyakh.

ʺWe are constantly exposing new types of financial pyramids. We have experienced a significant increase in use of cryptocurrency in pyramid calculations. The use of such forms as a consumer society has increased in terms of typology. In no case, do not confuse a real consumer society and pyramid schemes disguised as them,ʺ Valery Lyakh said.

At the same time, he noted that the number of financial pyramids and the damage caused by them are being reduced.

ʺAccording to preliminary data, there were about 170 financial pyramids recorded in Russia. There were about 200 of them in 2015. There has been observed not only a decline in the number of financial pyramids, but also a reduction in their activities, the damage resulting from their activities is being reduced. According to updated data, The amount of damage caused by pyramid schemes in 2015 is estimated at 5,5 billion rubles. This amount decreased to 700 million rubles in the first half of 2016,ʺ Valery Lyakh said.

According to him, this was due to the Bank of Russia’s work on rapid identification of such organizations in cooperation with law enforcement agencies and the Federal Antimonopoly Service. The criminalization of financial pyramids has played an important role. Before, such activities were classified as fraud, which had posed some difficulties in qualifying such crimes.

It should be reminded that the Russian government has decided not to introduce criminal liability for production and use of money surrogates, including Bitcoin.

Source: forklog

  • December 16, 2016 3:40 PM MSK