The risks associated with crypto can be similar to those of bank account-driven cashless transactions
This Wednesday, the Association of Banks of Russia (ABR) has published its comments about the digital ruble and the risks that the cryptocurrency may have directly related to cybersecurity and fraud.
As specified in the report, the majority of ARB members believe that the risks associated with the digital ruble could greatly affect the stability of the crypto platform which would be affected by theft and hacking of personal accounts.
The ARB describes that the problem is very similar to cashless transactions driven by bank accounts and cards, also warning that the risks related to cybersecurity.
The association warns that there is a risk of identity theft, or theft of digital Rubles which can be compromised by hacking private accounts or with identification errors, and even complicates the ability of regulators to track fraudulent transactions.
Faced with this scenario, the ABR stated that: “offline payments significantly reduce the possibility of detecting and preventing fraudulent payments, and this digital Rubles model would be especially dangerous”.