The Central Bank Of Russia Learns The Risks Of Cryptocurrency Investments, Is It A Sign They Will Accept Cryptocurrencies?

Russia is reviewing crypto investment risks (WibestBroker)

JAKARTA – The Russian Central Bank will examine the risks that come with investing in cryptocurrencies. The study entitled “Risk Assessment of the Use of Cryptocurrencies” has been added to the “Bank of Russia survey program”.

According to a Bitcoin News report, a survey will be conducted to obtain information on trends in order to assess the systemic risks associated with investments of Russian individuals and legal entities in cryptocurrencies.

Later, the financial regulator will question a number of financial market players, including 15 banks including VTB, Tinkoff, Alfa-Bank, Raiffesenbank, and the state-owned banking giant, Sberbank.

In addition, the Russian Central Bank also wants to receive input from global payment systems that have previously accepted cryptocurrencies such as Mastercard and Visa. The Bank of Russia will also seek advice from Mir Russia.

In addition to financial institutions, the Russian Central Bank will also send inquiries to a number of payment service providers including Kassa, Qiwi, Webmoney, and Western Union. They are required to send data from all these questions by the end of July.

Although research is being carried out, the Central Bank of Russia insists that it still rejects cryptocurrencies as a means of payment. The government emphasizes that the ruble is the only legal tender.

Russia also does not want to be left behind in creating a digital currency. The Russian government is currently working on a digital ruble and a prototype will be announced at the end of 2021.

The Governor of the Central Bank of Russia, Elvira Nabiullina advised that crypto investments should not be made because decentralized digital money is highly speculative and jeopardizes all strategies of investors.

"The price is very volatile and the losses can be huge", Nabiullina warned.

However, the Governor of the Central Bank of Russia admitted that it was difficult to stem the growth of the crypto market at the national level.