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Russian Central Bank: cryptocurrency market distracted hackers from credit cards

16 February 2018   |  in Regulation   |  in Regulation   |   277
Russian Central Bank: cryptocurrency market distracted hackers from credit cards

The Russian Central Bank which is very skeptical towards the concept of cryptocurrency as a means of payment in the Russian Federation has prepared a report on financial crimes with the use of cyberspace breaches. Looks like that cryptocurrency is now acting as a distraction for some hackers and thus the sum of credit card-related thefts has decreased by 10% (961 mln Russian rubles or $17,048,140).

“The decreasing trends in the number and the volume of unauthorized operations demonstrate the relative decrease of activity of malefactors, the active development of cryptocurrencies and the switch of interest to them might be the possible explanation”, experts from the Central Bank’s cybersecurity center explain.

The Central Bank also notes that this current attractiveness of the cryptocurrency sphere for hackers might decrease after the implementation of cryptocurrency legislation in the country, which is coming very soon - in May this year.

Previous reports by Bitnewstoday specify the aspects of the future cryptocurrency and ICO-related laws in Russia. It seems that when it comes to crypto trading, the authorities decided to stick with the approach similar to the one we see in South Korea, but they are stricter when it comes to initial coin offerings. Anyway, the laws are still under development and might change, and Bitnewstoday will keep its readers updated on the legal status of cryptocurrencies in Russia.

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