The annual volume of the crypto transactions made by Russians reaches $ 5 billion, as the Bank of Russia states-

With the growing capitalization of the crypto economy, the Russians made crypto transactions worth several billion dollars a year, as data from the Russian Central Bank show. Russian residents are among the most active participants in the cryptom market, the regulatory authority has recognized.

Russians among the most active crypto users, the central bank adds to

True to its hard attitude towards decentralized digital money, the Central Bank of Russia (CBR) recently stated that cryptocurrency operations "recover considerable risks for financial stability and investors as well as climate risks". The warning was published with the financial stability overview for the second and third quarter of 2021.

The currency authority has the rapid growth of the Capitalization of the digital currency market this year. According to his Analysis , cited by Forklog, has the increased interest of the inventor in technologies such as blockchain, smart contracts Financing and stablecoins played a key role in increasing crypto prices.

With reference to estimates by large financial institutions that were interviewed last July, the Bank of Russia finds that the annual volume of the digital currency transactions made by Russians amounts to around $ 5 billion. However, the CBR also notes that the anonymity of cryptocurrencies contributes to their use in criminal activities such as money laundering and terrorist financing.

The central bank, the consistently From The legalization of cryptocurrency as a legal means of payment in the Russian Federation has also pointed out other risks associated with it, including the conversion of Fiat savings into crypto-assets. The CBR considers cryptocurrencies due to its price volatility as unreliable as value residues.

The regulatory authority is also concerned about the energy-intensive nature of the Bitcoin mining . Russia is rich in energy resources and an attractive goal for miners, and some of its provinces in which electricity prices are quite low have required regulation of industry. A growing number of civil servants in Moscow is now of the opinion that the mining Such taxed.

The Bank of Russia emphasizes that the relationship between the digital currency area and the traditional financial sector in general remains limited. At the same time, however, the authority assumes that the spread of cryptocurrencies will create more and more risks to the Russian financial market and insists on the need for improved surveillance.

Do you think the Bank of Russia can change its attitude towards cryptocurrencies in the future? Let us know in the comment area below.

Bedy verification : Shutterstock, Pixabay, Wiki Commons