Russia’s Central Bank was observed to have been gathering data and analytics from several payment systems and credit firms (15 in total) such as Mastercard and Visa. The bank has plans to implement a risk assessment program that will analyze various cryptocurrencies, including Bitcoin (BTC). This risk assessment has been scheduled to be conducted soon, as per the bank’s screening program designed for 2021’s second half.
The analysis of the aforementioned risks shall include the in-depth study of how cryptocurrencies function as well as the potential short and long-term consequences that can stem from continued usage at both a retail and institutional level. Systematic risks which are connected to investing in crypto by Russian citizens shall be looked at thoroughly, along with the crypto investments made by different organizations and various entities.
Plenty of data shall be collected
As per the investigation’s details, the bank shall be gathering data from the abovementioned 15 organizations, which will involve major institutions such as VTB, Tinkoff Bank, and Sberbank, along with payment processors such as Mastercard and Visa. Other organizations to be involved include the likes of WebMoney, Qiwi, and Western Union.
Moreover, the bank will also be actively looking towards making and subsequently releasing an in-depth study on the subject of equity investments made via non-resident investors. This study is expected to be released sometime during this upcoming October or November.
Growing risks
The whole reason for conducting this risk assessment is because the bank feels that the dangers related to the crypto industry are higher than ever before due to the increased usage of cryptocurrencies today. Furthermore, there has also been a rise in criticism from domestic businesspeople as well as lawmakers concerning the strict approach that was adopted regarding cryptocurrencies in the past.
A couple of weeks ago, Fedot Tumusov (a member of the Russian State Duma) stated that the central bank had been quite short-sighted when it came to cryptocurrencies. Oleg Deripaska, an industrial tycoon, had also criticized the bank regarding its pressuring of the local organizations and industry to potentially avoid crypto altogether.
In related news, the bank had begun its initial testing phase for the digital ruble, the nation’s CBDC, which may be launched soon. As more and more countries gear up for the launch of CBDCs, Russia does not want to be left behind in the dust, and so the tests for the digital ruble shall continue for the time being.
