The Bank of Russia has registered cases in disguise of financial pyramids under the initial placement of coins (ICO). Comments about this RNS said the Director of the Department on combating unfair practices of the Central Bank of the Russian Federation Valery Lyakh.

He stressed that this problem concerns not only Russia, but all over the world.

“Now a significant part of financial pyramids really disguised as ICO, it’s a problem in the first place, not domestic, it is international problem connected with the fact that there is actually pseudophilosophy providing cross-border services,” he said.

In this case, Valery Lyakh did not specify the amount of reported “pyramids” and the amount of the damage caused by.

“Russia is also there, but this is due to the fact that many spread their ICO and the “pyramid” from abroad”, — concluded the Telegraph.

ForkLog previously published expert opinion that the regulation of the ICO developed in the framework of the draft law “On digital of financial assets”, may deter startups from the Russian jurisdiction.