The Bank of Russia will study the volume of investments of Russians in the cryptocurrency

The representative of the regulator called the investment of Russians in digital assets as a potentially significant problem.

The Bank of Russia considers the investments of Russians incryptocurrencies are a potentially significant problem. Elizaveta Danilova, head of the financial stability department of the Central Bank of the Russian Federation, announced this in an interview with Reuters. According to her, the regulator is conducting a survey among market participants, the results of which will allow assessing the volume of Russian investments in digital assets.

Danilova noted that many people are looking for an easyearnings, so they start investing in cryptocurrencies that have "excessive volatility." Also, the representative of the Central Bank added that the transparency of the crypto market is at a low level.

“The difficulty is that this marketis cross-border. The population can invest in it through foreign intermediaries. On some large foreign exchanges, derivatives for cryptocurrency are traded, which carry huge risks, ”Danilova explained.

In mid-September, the Bank of Russia announced plansexpand the ban on the use of cryptocurrencies in the country. The regulator is developing legislative norms that will introduce administrative and criminal liability for violation of the law "On digital financial assets".

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