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Russia’s central bank to study crypto investment risks

  • Posted On - 2021-07-01 05:58:45

The Bank of Russia is gathering data from 15 credit firms and payment systems like Mastercard and Visa.

Russia’s central bank has conducted a risk assessment for cryptocurrencies, as per the Bank of Russia’s screening program for the second half of 2021.

The inspection of the potential risks of cryptocurrency investing will consider “systemic risks linked to cryptocurrency investment by Russian individuals and entities.” 

As part of the examination, the Bank of Russia will collect data from 15 credit firms including major banks like Sberbank, VTB and Tinkoff Bank, payment systems like Mastercard and Visa, and electronic payment providers like Western Union, Qiwi and WebMoney.

The Bank of Russia is also forward looking to releasing a study on equity investment by non-resident investors by October or Nov. 2021.

The Bank of Russia’s assessment of crypto-related risks comes amid growing criticism from local lawmakers and businesspeople regarding the institution's tough stance on the crypto industry.

In mid-June, 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 local industry to avoid cryptocurrencies.

This week, the Bank of Russia established the first pilot group for testing the country’s central bank digital currency, the digital ruble.