The Public Chamber of Russia has issued a warning regarding the increase in illegal cryptocurrency loans., 2026/02/17 09:50:40

With the impending implementation of mandatory biometric identification for microloan issuance, illegal lenders have become more active, offering loans in cryptocurrencies. This was reported by Evgeniy Masharov, a member of the Public Chamber of Russia.

According to him, such offers are disguised as investment projects and are primarily disseminated through social media. Potential borrowers are promised rapid transfers of funds in digital assets and a simplified loan acquisition process.

“With only two weeks remaining before the mandatory requirement for loan issuance through biometric identification takes effect, illegal lenders have intensified their efforts on social media to attract potential consumers to obtain loans in cryptocurrencies. They disguise themselves as investment projects, claiming to provide loans in digital currency, citing convenience and speed of deposit,” Masharov noted.

He emphasized that loans in cryptocurrencies carry heightened risks for consumers. In addition to high-interest rates, the volatility of the chosen crypto asset can significantly increase the total repayment amount.

The influx of inexperienced users into such schemes is attributed to their convenience and speed; however, the lack of transparent terms and legal protection renders these offers particularly hazardous, Masharov concluded.

Previously, Bits.Media published an extensive article on cryptocurrency declaration, explaining how and when investors are required to report their transactions with digital assets to the Tax Service.