Russia’s central bank to study crypto investment risks

The Bank of Russia is collecting data from 15 credit firms and payment systems like Visa and Mastercard.

Russia’s central bank has scheduled a risk assessment for cryptocurrencies like Bitcoin (BTC), according to the Bank of Russia’s screening program for the second half of 2021.

The examination of the potential risks of cryptocurrency investing will consider “systemic risks linked to cryptocurrency investment by Russian individuals and entities.” 

As part of the investigation, the Bank of Russia will collect data from 15 credit organizations including major banks like Sberbank, VTB and Tinkoff Bank, payment systems like Visa and Mastercard, and electronic payment providers like Western Union, Qiwi and WebMoney.

The Bank of Russia is also looking to release a study on equity investment by non-resident investors by October or November 2021.

The Bank of Russia’s assessment of crypto-related risks comes amid growing criticism from local lawmakers and businesspeople regarding the institution’s tough stance on the crypto industry.

Related: CEOs of top Russian banks Sberbank and VTB blast Bitcoin

In mid-June, Russian State Duma member Fedot Tumusov said that the Bank of Russia was short-sighted on crypto while industrial tycoon Oleg Deripaska blasted the central bank for pressuring local industry to avoid cryptocurrencies.

Earlier this week, the Bank of Russia established the first pilot group for testing the country’s central bank digital currency, the digital ruble.