The representative of the regulator called the investments of Russians in digital assets a potentially significant problem
The Bank of Russia sees Russian investment in cryptocurrencies as a potentially significant problem. Elizaveta Danilova, head of the financial stability department of the Central Bank of the Russian Federation, announced this in an interview with Reuters . According to her, the regulator is conducting a survey among market participants, the results of which will allow assessing the volume of Russian investments in digital assets.
Danilova noted that many people are looking for easy money, so they start investing in cryptocurrencies that have "excessive volatility." Also, the representative of the Central Bank added that the transparency of the crypto market is at a low level.
“The difficulty is that this market is cross-border. The population can invest in it through foreign intermediaries. Some major foreign exchanges trade cryptocurrency derivatives, which carry enormous risks, ”Danilova explained.
In mid-September, the Bank of Russia announced plans to expand the ban on the use of cryptocurrencies in the country. The regulator is developing legislative norms that will introduce administrative and criminal liability for violation of the law "On digital financial assets".