Bank of Russia investigates risks of crypto investments at banks and payment providers – regulation Bitcoin News
The Central Bank of Russia (CBR) has set out to investigate the risks associated with cryptocurrency investments. The regulator will conduct a special study with the participation of large banks and payment processors operating in the Russian market.
CBR is adding Crypto to its survey program for 2021
Russia’s central bank, known as the Bank of Russia, plans to conduct research into the risks associated with crypto investments. The study, entitled “Assessing the Risks of Using Cryptocurrencies”, has been added to the recently published “Bank of Russia Survey Program for the Second Half of 2021”.
The survey is being conducted to “obtain information on trends in assessing systemic risks associated with investments by Russian natural and legal persons in cryptocurrencies,” CBR said in a press release. The regulator will send questions to a number of financial market participants, including 15 banks such as VTB, Tinkoff, Alfa-Bank, Raiffeisenbank and the state-run banking giant Sberbank.
Bank of Russia wants its study to include contributions from the global payment systems Visa and Mastercard, as well as Russia’s Mir, reported RBC. Payment service providers such as Юkassa, Webmoney, Qiwi and Western Union should also expect to receive the central bank’s questionnaire. The deadline for data submission was set at July.
Russian central bank remains hostile to cryptocurrencies
In recent years, the Russian central bank has maintained a negative stance on cryptocurrencies. Moscow’s monetary regulator firmly rejects the acceptance of decentralized digital money as a means of payment in the Russian Federation, where the ruble is the only legal tender by law. Bank of Russia is working on a digital version of the national Fiat and intends to present a prototype of the “digital ruble” by the end of 2021.
In June, the head of the CBR, Elvira Nabiullina, advised against crypto investments and described “speculative cryptocurrencies” as “the most dangerous of all strategies” for investors. “The price is very volatile and the losses can be enormous,” warned Nabiullina. She was also quoted by Komsomolskaya Pravda as saying:
The central bank never gives advice on where to invest, but in this particular case – [investing] here is definitely not necessary.
Earlier last month, Nabiullina called cryptocurrencies a monetary substitute and rejected their use in the country. Russian law prohibits the issuance and distribution of “money surrogates”. At the same time, the CBR chairman admitted that it was difficult to restrict the crypto market at the national level, as it was fundamentally transnational.
Why do you think Bank of Russia would like to conduct a crypto survey? Do share your thoughts on the matter in the comments below.
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