Bank of Russia to Study Risks of Crypto Investing With Banks and Payment Prov...
The Central Bank of Russia (CBR) has set out to examine the risks associated with cryptocurrency investments. The regulator is going to conduct a dedicated study with the participation of major banks and payment processors operating in the Russian market. CBR Adds Crypto to Its Survey Program for 2021 Russia’s central bank, known as Bank of Russia, is planning to carry out research regarding the risks that accompany crypto investing. The study titled “Assessment of risks of using cryptocurrencies” has been added to the recently published “Bank of Russia survey....
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The Bank of Russia is collecting data from 15 credit firms and payment systems like Visa and Mastercard. Russia’s central bank has scheduled a risk assessment for cryptocurrencies like Bitcoin (BTC), according to the Bank of Russia’s screening program for the second half of 2021.The examination of the potential risks of cryptocurrency investing will consider “systemic risks linked to cryptocurrency investment by Russian individuals and entities.” As part of the investigation, the Bank of Russia will collect data from 15 credit organizations including major banks like Sberbank, VTB and....
The Central Bank of Russia has started to examine the operations of Russian banks with cryptocurrency exchangers, according to local media. Transactions between individuals through these platforms are of particular interest as the regulator believes these carry risks of financial losses and fraud.
Central Bank Asks Russian Banks for Details on Crypto-Related Transactions
In late December, the Central Bank of Russia (CBR) sent commercial banks a new reporting form for transactions, seeking information about money transfers related to crypto exchange websites. These are mostly....
The Association of Russian Banks is worried about regulators being unable to track illicit transactions of an offline-enabled digital ruble. Russia’s central bank digital currency, or CBDC, could contain a number of risks related to cybersecurity and fraud, according to several local financial institutions.The Association of Russian Banks, or ARB, has released its official feedback on Russia’s digital ruble project on Jan. 13. The study included 17 ABR credit institutions in Russia accounting for 58% of the total assets of the domestic banking system. According to the report, the majority....
The Bank of Russia remains skeptical on crypto despite the Russian president viewing it as a potential unit of account. The central bank of Russia is trying to evaluate the amount of Bitcoin (BTC) held by local investors amid a massive amount of money not returning to banks following the pandemic-fueled withdrawals.According to Elizaveta Danilova, head of the central bank’s financial stability department, the Bank of Russia is polling local cryptocurrency investors to estimate cryptocurrency investment volumes in Russia.“We need to work both on data and raising public awareness about the....
Russia has officially legalized crypto trading this January but the government still doesn’t allow local banks to offer crypto services. Tinkoff, a major private bank in Russia, is struggling to offer cryptocurrency trading to its clients due to the central bank's tough stance on digital assets.Tinkoff CEO Oliver Hughes said that the digital bank is willing to offer crypto trading services but is restrained by the Bank of Russia's policies, CNBC reports. The executive announced the news at the Saint Petersburg International Economic Forum on Thursday, stating:“There’s no mechanism for us....