Bank of Russia to assess risks of using cryptocurrencies

The Bank of Russia will analyse potential risks associated with the use of cryptocurrencies. In the Bank of Russia’s examinations programme the assessment is scheduled for July.

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The analysis aims to gather information on trends for examining ‘systemic risks related to investments by Russian individuals and legal entities in cryptocurrency’.

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Among the participants are Sberbank, VTB, Alfa-Bank, Gazprombank, Tinkoff Bank and others, as well as payment systems including ‘Mir’, Visa, Mastercard, WebMoney, QIWI and Western Union.

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The Bank of Russia has long been skeptical about cryptocurrencies. The regulator’s head, Elvira Nabiullina, has repeatedly spoken out against using crypto assets for settlements between citizens and has called Bitcoin a monetary surrogate.

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