Russia’s central bank is trying to assess the amount of bitcoin (BTC) by local investors in the wake of the bank’s failure to return large sums of money after the epidemic.
According to Elizabeth Danilova, head of the central bank’s financial stability department, the Bank of Russia is voting for local cryptocurrency investors to determine the amount of cryptocurrency investments in Russia.
“We need to work both on data and on raising public awareness about the risks of such investments,” Danilova said in a Reuters interview published on the official website of the Bank of Russia on October 1.
The official argued that the cryptocurrency market lacks transparency not only in Russia, but also in other jurisdictions, indicating a high risk for crypto derivatives products such as bitcoin futures or exchange-traded funds. “The challenge is that the market is cross-border. People are able to invest in crypto through foreign intermediaries. Some large foreign exchange trades cryptocurrency derivatives that carry huge risks, ”Danilova said.
The Bank of Russia’s efforts to analyze the amount of local crypto investments came as Russians recently refused to keep their money in the bank. According to Danilova, the Covid-1 pandemic epidemic caused massive eruptions in 2020. tr trillion rubles (36 36 million) did not return to the bank.
Some existing data proves that cryptocurrency investing has become extremely popular in Russia. According to a survey by the Russian Association of Forex Dealers, Russian% Russian investors prefer Bitcoin over traditional cryptocurrencies such as gold and Forex.
Related: Russia does not plan to follow in China’s footsteps by banning crypto altogether, deputy finance minister says
Amid the growing popularity of crypto, the Bank of Russia has called on the government to restrict crypto investment by unauthorized investors, launching a legal initiative to slow down transactions on crypto exchanges to avoid “mental” purchases of crypto.
While the Bank of Russia maintains a skeptical stance on crypto, Russian President Vladimir Putin believes that cryptocurrencies like Bitcoin work well for global fund transfers and could one day become a “means of saving”.