Central Bank alerts Trans-Baikal to illegal cryptocurrency lender

The Central Bank of Russia (Bank of Russia, CBR) warned residents of the Trans-Baikal Region about the risks of interacting with the DigiCash project, which shows signs of fraud as an illegal lender issuing loans in cryptocurrency. This was reported on 30 January by the press service of the Chita branch of the Bank of Russia to Chita.Ru.

Information about the organization has been added to the warning list of the Bank of Russia. The project organizers offer loans in USDT (a cryptocurrency pegged to the US dollar at a one-to-one ratio) or in rubles at the exchange rate, and immediately warn that they operate outside the legal framework, without permission from the Bank of Russia to provide financial services in the Russian Federation. Communication with clients is conducted through messengers and social media pages. Through these same channels, sensitive personal information is later collected for aggressive debt collection.

«The Bank of Russia has received numerous complaints about this company. Over the past few months, more than 30 resources of this internet project have been blocked. I urge residents of the Trans-Baikal Region to be cautious when choosing a financial company and never interact with illegal entities. To find out if a financial organization operates legally, you can check the Bank of Russia«s website in the registers. It is also necessary to check the company against the list of organizations with identified signs of illegal activity on the financial market,» said the press service, quoting the comment of Alexey Beloborodov, head of the Chita branch of the Bank of Russia.