Russian central bank investigates crypto investment risks

The Russian Central Bank has planned a risk assessment for cryptocurrencies such as Bitcoin (BTC) for the second half of 2021 as part of the Russian Central Bank’s screening program.

When examining the potential risks of cryptocurrency investments, “systemic risks associated with cryptocurrency investments by Russian individuals and institutions” are examined.

As part of the investigation, Bank of Russia will collect data from 15 credit institutions, including major banks such as Sberbank, VTB and Tinkoff Bank, payment systems such as Visa and Mastercard, and electronic payment providers such as Western Union, Qiwi and Internet money.

Bank of Russia also plans to publish a study on equity investments by foreign investors in October or November 2021.

The Central Bank of Russia’s assessment of the risks associated with cryptocurrencies comes amid mounting criticism from local lawmakers and business people about the institution’s tough stance on the cryptocurrency industry.

Connected: CEOs of top Russian banks Sberbank and VTB launch Bitcoin

In mid-June, Fedot Tumusov, a member of the Russian State Duma, said the Russian central bank was short-sighted about cryptocurrencies, while industrial mogul Oleg Deripaska criticized the central bank for putting pressure on the industry, with local companies avoiding cryptocurrencies.

Earlier this week, Russia’s central bank launched the first pilot group to test the country’s central bank digital currency, the digital ruble.