The Bank of Russia make plans to explore the perils associated with the crypto industry

The Bank of Russia make plans to explore the perils associated with the crypto industry

Based on the assessment plan made by Russia’s bank for the 2nd phase — six months — of this year, the Bank of Russia (BoR) has fixed a framework to explore the challenges and perils of volatility and uncertainties linked with the crypto industry. Currently, the bank is getting records from fifteen credit exchanges and payment platforms.

The study of the crypto-related perils will take cognizance of a major pressing issue or challenge, which is the systemic perils associated with the crypto industry. In the process of the analysis, the BoR will gather the needed information from fifteen credit exchanges comprising key banks, payment platforms, and digital payment providers such as Qwi and Western Union.

Also, Russia’s central bank is considering starting another investigation on asset transactions by offshore traders in four or five months time. The bank’s investigation of the perils associated with the crypto market comes amidst the rising fuss from legislators and traders concerning the rigorous, harsh, and strict rules on the entire crypto market by the BoR.

Earlier this month, Fedot Tumusov, a State Duma fellow in Russia, noted that Russia’s bank was myopic on issues regarding crypto transactions, while Oleg Deripaska, an industrial mogul, slammed the BoR for compelling small and native firms not to operate crypto transactions.

Recently, the bank created the first pilot team to experiment with the CBDC of the nation, which is also referred to as digital ruble.


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