The Central Bank estimated the volume of transactions of Russians with cryptocurrencies at $ 5 billion per year

The regulator called the widespread use of cryptocurrencies and the growth in the volume of transactions with them a threat to the Russian financial market The Bank of Russia published a review of financial stability …

The regulator called the widespread use of cryptocurrencies and the growth in the volume of transactions with them a threat to the Russian financial market

The Bank of Russia published a review of financial stability for the III-IV quarters of this year, in which it estimated the annual volume of transactions of Russians with digital assets at $ 5 billion (about 350 billion rubles). The data was obtained from a survey of large banking organizations in July 2021.

The Central Bank also noted that Russian users are among the most active participants in the digital currency market. Russia is among the leaders in the number of visits to digital currency exchanges, according to the regulator's review.

The document states that Russian investments in cryptocurrency carry various risks, in particular the use of digital currencies in criminal activities, losses as a result of significant fluctuations in the value of cryptocurrencies, as well as increased electricity consumption by miners and air pollution.

The risks are aggravated by the lack of understanding by crypto investors of the functioning of the digital currency market, the risks of fraud and hacker attacks, the Central Bank added.

"The rapid growth and widespread distribution of digital currencies create ever higher risks both at the global level and for the Russian financial market," the document says.

On November 22, the Bank of Russia proposed to introduce liability for illegal circulation of digital financial assets, as well as to establish the procedure for their taxation.

Leave a Comment