Russia’s Central Bank resolved that Cashbery microlender is a financial bubble, TASS agency reports.
Cashbery is a group of Russian and foreign MLM companies which positions itself as a P2P platform for mutual lending/borrowing/investing by the individuals. The platform claims it is a means of lending to individuals and small businesses (with high proceeds of up 600% per annum) or of even purchasing digital currencies. Dozens of thousands of people are already involved with Cashbery, yet the institution does not have a Central Bank’s license or engage in any viable economic activity.
“That is the most massive hype projects we have uncovered over the recent years. It has expanded its operation into many regions, establishing itself all over the country, in fact. Lately, it has been promoting itself quite actively aiming to get as many people involved as possible”, Valeriy Lyakh, Director of the Central Bank’s Department for Countering Misconduct, said.
The respective information has already been supplied by the national financial megaregulator to the General Prosecutor’ office and the Ministry of the Interior.