Russia’s central bank will study the risks of cryptocurrencies

Russia’s central bank collects data from 15 credit companies and payment systems such as Visa and Mastercard.

Russia’s central bank has planned a risk assessment for cryptocurrencies, such as Bitcoin (BTC) and other altcoins, according to the Bank of Russia’s screening program for the second half of 2021.

By examining the potential risks of investing in cryptocurrencies, it will consider “the systemic risks associated with investing in cryptocurrencies by Russian individuals and entities.”

As part of the investigation, the Bank of Russia will collect data from 15 credit organizations, including large banks such as Sberbank, VTB and Tinkoff Bank, payment systems such as Visa and Mastercard, and electronic payment providers such as Western Union, Qiwi and WebMoney.

Russia’s central bank also plans to publish a study on non-resident capital investment by October or November 2021.

Russia’s central bank tough stance on the crypto

The Bank of Russia’s assessment of cryptocurrency risks comes amid growing criticism from local lawmakers and businesses about the institution’s harsh stance on the crypto industry.

In mid-June, Russian State Duma member Fedot Tumusov said the Russian bank was very short-sighted of cryptocurrencies, while industrial magnate Oleg Deripaska urged the central bank to put pressure on local industry to avoid cryptocurrencies.

Earlier this week, the Bank of Russia set up the first pilot group to test the country’s digital currency, the digital ruble.

Conclusion

Russia officially adopted its main law on the cryptocurrency “On Digital Financial Assets” in January this year. Last month, local regulators began a partial lifting of Russia’s ban on crypto payments. It seems that it is only a matter of time before banks will normally offer these services in Russia.