Russian Central Bank: Cryptocurrency Linked to Rising Fraud

Central Bank of Russia report highlights significant rise in cryptocurrency adoption by criminals, with nearly all fraudulent schemes in 2023 being crypto-related.

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Cryptocurrencies became the primary tool for pyramid schemes and illegal brokerages in Russia during 2023.

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Despite concerns over cryptocurrency-related fraud, Statista forecasts substantial growth in Russia's annual crypto revenue, reaching US$2.8 billion by 2028.

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President Putin's signing of the digital ruble law in July 2023 contrasts with the previous year's bill prohibiting crypto as a payment option within Russia.

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Binance's exits from Russia in 2023 due to compliance concerns, while Russian parliamentary figures express support for CBDCs as blockchain technology integration advances.

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