Russia’s central bank to study crypto investment risks
Russia’s central bank has scheduled a risk assessment for cryptocurrencies like Bitcoin, according to the Bank of Russia’s screening program for the second half of 2021.
The examination of the potential risks of cryptocurrency investing will consider systemic risks regarding cryptocurrency investment by Russian entities.
As part of the investigation, the Bank of Russia will collect data from 15 credit organizations including major banks like Sberbank, VTB, and Tinkoff Bank along with payment systems like Visa and Mastercard, and electronic payment providers like Western Union, Qiwi, and WebMoney.
The Bank of Russia is also looking to release a study on equity investment by non-resident investors in October or November 2021.
The Bank of Russia’s assessment on crypto-related risks comes amid growing criticism from lawmakers and business folk regarding the institution's tough stance on the crypto industry.
Few days ago, Russian State Duma member Fedot Tumusov said that the Bank of Russia was short-sighted on crypto while industrial tycoon Oleg Deripaska blasted the central bank for pressuring the local industry to avoid cryptocurrencies.
The Bank of Russia established the first pilot group earlier this week, in order to test the country’s central bank digital currency, the digital ruble.