The Central Bank of the Russian Federation is trying to estimate the volume of investments of Russians in cryptocurrencies – Bits Media

Director of the Financial Stability Department of the Central Bank of the Russian Federation Elizaveta Danilova told, that the regulator is trying to evaluate the volume of investments of Russians in digital assets.

According to her, The Central Bank conducts surveys of market participants, to roughly estimate the volumes cryptocurrencies stored by Russians. However, the task is extremely difficult, since the market is cross-border and a significant part of the Russian Federation residents, investing in cryptocurrencies, does not interact with local sites. Danilova noted, that digital assets may pose systemic risks:

“This is potentially a very significant problem. The transparency of this market is very low and we, and in other countries. We need to work on the data too., and to increase the level of awareness of citizens about the risks of such investments - which are not backed by anything. We are conducting a survey of market participants, to get approximate estimates of investments in cryptocurrencies".

Danilova responded evasively to questions about possible bans on the purchase of cryptocurrencies, just saying, that many investors invest in digital assets, not understanding the risks. Particularly high risks, according to the top manager of the Central Bank of the Russian Federation, carry various derivatives on cryptocurrencies. Such tools are available on foreign sites.

“What attracts people to this story is the extreme volatility of Bitcoin and other instruments., Unfortunately, many are looking for easy money, not understanding the huge risks", – Danilova concluded.

Earlier, Deputy Minister of Finance of Russia Alexey Moiseev said, that at the moment the government of the country has no plans to ban the purchase of cryptocurrencies on foreign platforms.