The Bank of Russia remains skeptical on crypto despite the Russian president viewing it as a potential unit of account.
The central bank of Russia is trying to evaluate the amount of Bitcoin (BTC) held by local investors amid a massive amount of money not returning to banks following the pandemic-fueled withdrawals.According to Elizaveta Danilova, head of the central bank’s financial stability department, the Bank of Russia is polling local cryptocurrency investors to estimate cryptocurrency investment volumes in Russia.“We need to work both on data and raising public awareness about the risks of such investments, which are backed by nothing,” Danilova said in a Reuters interview published on the Bank of Russia’s official website on Oct. 14. The official argued that the cryptocurrency market lacks transparency not only in Russia but also in other jurisdictions, pointing out higher risks of crypto derivatives products l
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