Russia’s central bank does not rule out crypto investments with focus on risk evaluation

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Whereas Russia’s central financial institution maintains its stance in opposition to crypto as a cost methodology, latest indicators counsel a reconsideration of its stance relating to crypto investments.

The Financial institution of Russia stays steadfast in its place in opposition to cryptocurrencies as authorized tender throughout the nation. Nonetheless, latest remarks by Olga Polyakova, the deputy governor of the regulatory physique, counsel a possible shift in its stance relating to crypto investments.

Talking at a discussion board, Polyakova reiterated the central financial institution’s standpoint on crypto funds whereas introducing a brand new perspective, according to Russia’s authorities information company TASS.

“We don’t view cryptocurrencies as authorized tender throughout the territory of the Russian Federation. Whereas funding is feasible, there arises the query of the investor’s skill to adequately assess the dangers concerned.”

Olga Polyakova

This seems to be the primary time Russia’s central financial institution publicly admitted that crypto investments with applicable due diligence may be legalized, on condition that the Financial institution of Russia has persistently emphasized the excessive dangers inherent in participating with the crypto market.

The latest assertion follows shortly after the central financial institution’s revelation that almost half of the monetary fraud schemes in Russia in 2023 concerned crypto and foreign exchange for transactions. Among the many 5,735 scams reported, 2,944 had been linked to monetary pyramid schemes, up from 2,017 in 2022. Knowledge signifies that round 1,500 fraudulent schemes, comprising 26% of the full, utilized crypto for donations, exploiting blockchain’s anonymity characteristic.

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