The central bank of Russia is planning to figure out how much of the funds people invested in crypto assets amid the huge volume of people are not paying their loans to the bank.
In the present time, the matter of the crypto related debate is reaching a high level of concern. Recently Putin & Deputy minister stated about their positive stances on crypto and claimed that crypto can have a better future, while they can’t allow it to be used under Russian federation.
Related: Putin’s U turn on bitcoin and says Bitcoin have rights to exist
Right now, records say that most of the Russian citizens are not putting their funds in Banks, instead they are all in crypto assets investment.
The Bank of Russia claimed that there are huge people, who are not willing to pay their debt but have huge Investment in crypto assets, so they are polling out how much investment Russians people have against the loan.
In a recent interview with Reuters, the head of Central bank of Russia financial stability, Elizaveta Danilova stated about this concern.
Danilova stated that they are assessing the Investment of local crypto investors and further added
“We need to work both on data and raising public awareness about the risks of such investments, which are backed by nothing”
According to Danova, the crypto Market is not fully transparent and it is full of many types of risks, not in the Russian jurisdiction but also from the perspective of every other country. The investment in crypto assets, derivatives, futures and exchange traded funds are highly risky because all these are backed by nothing.
Further Danilova added about the cross border transactions which are violating Foreign Money exchange rules and added
“The challenge is that the market is cross-border. People are able to invest in crypto through foreign intermediaries. Some major foreign exchanges trade cryptocurrency derivatives that carry huge risks”
Read also: Head of RSS urged India’s government to make crypto friendly policies