Market News | The admission of cryptocurrencies into the financial system of the Russian Federation proposed by the Ministry of Finance creates a huge risk to financial stability. Deny - Central Bank

In the concept, there is a substitution of concepts - it is declared to “ensure the protection of the rights of individuals and legalpersons due to the emergence of legal procedures for the acquisition and sale of digital currency and the legislative establishment of requirements for digital currency exchange operators.”
However, given that the majoritycryptocurrencies there is no issuer - a responsible person, the risks of citizens investing in such instruments will be shifted to Russian financial organizations (the organizer of the system, exchange operators), and ultimately to their investors and creditors.
Thus,the admission proposed in the concept of the Ministry of Financecryptocurrencies into the Russian financial system creates a huge risk of financial stability, which, through banks and other participants, can infect the entire financial system

</strong>Legalization and regulation will createthe illusion of protection and rules of the game for people, reassuring them that if the state allows it, then there are no risks. As a result, this market will become more and more massive until the bubble collapses. And in this case, the state will face enormous social and financial stability risks. Therefore, in our opinion,the best solution is to introduce a ban on the use of Russian infrastructure for operations with cryptocurrencies

— Central Bank

The Central Bank considers the ban on the use of Russian infrastructure for cryptocurrency to be the optimal solution (fomag.ru)
The admission of cryptocurrencies into the financial system of the Russian Federation creates a huge risk for financial stability - Central Bank (fomag.ru)

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