Russian Central Bank official: Fraudsters ‘very rarely’ use crypto to withdraw stolen funds

Cryptocurrencies are not frequently used by scammers in Russia to withdraw stolen funds, according to an official from the country’s central bank.

Artem Sychev, deputy director of the information security department at the Central Bank of Russia, told government news-agency TASS that “very rarely” are cryptocurrencies used to withdraw funds by fraudsters.

“It is not massive, because it is much easier for an attacker to get cash,” Sychev noted, adding that scammers mostly use bank cards to withdraw stolen money.

Last week, Russia’s deputy minister of finance Alexei Moiseyev reportedly told that the country may allow cryptocurrency trading. The central bank itself was reportedly considering the possibility of launching its own digital currency in the future. The Russian parliament has also been working on cryptocurrency-related regulations, with the State Duma hosting the second reading of the “On Digital Financial Assets” (DFA) bill in the coming weeks.

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.