June 15, 2021

Central Bank of Russia does not consider cryptocurrency a threat to financial stability

Central Bank of Russia does not consider cryptocurrency a threat to financial stability

The Central Bank of the Russian Federation believes that cryptocurrencies do not pose a global threat financial stability of the country.

Despite this statement, the deputy head of the Central BankSergey Shvetsov also spoke about the need for close monitoring of the crypto market, especially in terms of its technological capabilities for money laundering and terrorist financing through digital assets. According to the official, regulation should be aimed at reducing systemic risks for investors and protecting them from fraudulent schemes in the crypto industry, possibly through the introduction of limits on crypto assets.

Earlier, the Central Bank has already equated cryptocurrencies with the “high-tech financial pyramid” and predicted a vague and short-lived future for it.

The Russian parliament has not been able to finallydetermine the status of digital assets and the consequences of the legalization of cryptocurrency transactions. The introduction of regulatory standards is noticeably behind the rapid spread of cryptocurrency in the country. This year, the government passed a law on crowdfunding, and the law on the crypto industry is likely to not be adopted by the end of the year.