The Central Bank of Russia to release a report assessing the risks of cryptocurrency investments

The Bank of Russia management decided to analyze the situation in the cryptocurrency market and assess the threats posed by this sector. The report on the work done should be published by the end of July, the Central Bank’s press center specified.

The regulator will study the activity of Russian individuals and legal entities on the crypto market.

The Bank of Russia emphasized:

«The survey is carried out in order to obtain data on trends with the subsequent assessment of systemic risks associated with investments of citizens and legal entities in cryptocurrencies.»

It is known that the Central Bank employs 15 domestic commercial banks. Representatives of Sberbank, VTB, Gazprombank, Alfa-Bank and other credit institutions will take part in the threat assessment.

In addition, the regulator intends to involve payment systems Visa, MasterCard and MIR in research work.

Payment services YuMoney, WebMoney, Robokassa, Qiwi, as well as Unistream and Western Union will also provide data on the volume of transactions with cryptocurrencies.

Note that the Bank of Russia and its head Elvira Nabiullina are categorically against the use of bitcoin and similar coins. The chairman of the Central Bank even recently called cryptocurrencies surrogates.

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