The Russian central bank has announced plans to study the risks from the country’s cryptocurrency market, Yandex.Money reports. Igor Khmelnitsky, deputy chairman of Russia’s central bank, said the institution would examine crypto mining in the country and see where the risks lie. He said it was a “matter of concern” that the number of individuals who mined cryptocurrency in Russia had grown.
The Russian Ministry of Finance has announced that it will be studying the risks of investing in cryptocurrencies after receiving an increasing number of inquiries from private and corporate citizens, according to a report by Tass. The Ministry will create a working group that will study the risks of off-exchange crypto investment, including the risks of possible money laundering, fraud, the use of crypto money for gambling and other illegal activity and links between crypto and terrorism financing.
Litecoin and other cryptocurrencies have attracted interest from the Russian central bank since they are perceived as a potential threat to the country’s national economy. That is why, during the last Russian cabinet meeting, the head of the bank was tasked with studying the risks posed by these innovations.
The Russian Central Bank has scheduled a risk assessment for cryptocurrencies such as bitcoin (BTC), according to the Bank of Russia’s audit program for the second half of 2021.
The study on the potential risks of investment in cryptocurrencies will examine the systemic risks associated with investment in cryptocurrencies by Russian individuals and legal entities.
As part of the investigation, the Bank of Russia will collect data from 15 credit institutions, including major banks such as Sberbank, VTB and Tinkoff Bank, payment systems Visa and Mastercard, and electronic payment providers Western Union, Qiwi and WebMoney.
The Bank of Russia also plans to publish a study on foreign equity investment by October or November 2021.
The Bank of Russia’s assessment of cryptocurrency risks comes amid growing criticism from local lawmakers and entrepreneurs over the institution’s tough stance on the cryptocurrency industry.
Related: Top executives from Russia’s largest banks, Sberbank and VTB, denounce bitcoin.
In mid-June, Fedot Tumusov, deputy to the Russian State Duma, said the Bank of Russia has a short-sighted approach to cryptocurrencies, while industry tycoon Oleg Deripaska accused the central bank of pressuring local industry to shun cryptocurrencies.
Earlier this week, the Bank of Russia set up the first pilot group to test the country’s central bank’s digital currency, the digital ruble.The Russian Central Bank, which issues the country’s official currency, has recently announced that it plans to investigate the risks related to investment in cryptocurrencies. “We will study the risks associated with the use of cryptocurrencies in the financial system,” Deputy Central Bank of Russia (CBR) Governor Alexei Ulyukayev said during the presentation of the bank’s annual report.. Read more about crypto exchanges shut down and let us know what you think.
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