December 4, 2021

Markets news | The volume of transactions of Russians with digital currencies is about $ 5 billion annually - Central Bank

The volume of transactions of the Russian population with digital currencies is about $ 5 billion annually, according to the Central Bank's financial stability review.

The CBR made such estimates based on a survey of the largest banks conducted in July 2021.

Transactions with digital currencies pose significant risks to financial stability

  • digital currencies, due to their anonymous nature, are massively used in criminal activities
  • some digital currencies can carry significant risks to the well-being of investors.
  • increased power consumption in the processmining of some digital currencies, in particular bitcoin, leads to large greenhouse gas emissions and thus negatively impacts on the climate, which is contrary to the goals of the global agenda in the field of greenhouse gas emissions reduction and sustainable development.
  • The CBR will develop monitoring of the digital asset market to identify trends that potentially pose risks to financial stability.

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