Cryptocurrencies Carry Systemic Risks, Threaten Ruble, Bank of Russia Insists – Finance Bitcoin News

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Cryptocurrencies seen by the Bank of Russia as a threat to the ruble and financial stability.

for 2021. Expanding on a long list of previously highlighted negatives related to digital currencies like bitcoin, the monetary authority stated:

There is a risk of undermining the circulation of money and loss of sovereignty for the national currency. The regulator is repeating earlier warnings that digital assets increase the risk of outflow of funds from the traditional financial system towards the still largely unregulated crypto market. This transfer of savings threatens the financial stability of Russian banks, the CBR says, quoted by RBC Crypto.

Bank of Russia remains concerned about the “well-being of citizens” as in its view, the growth of the crypto market forms a bubble while cryptocurrencies bear characteristics of financial pyramids. Investor protection is limited and investments in digital coins can be lost due to price volatility or as a result of fraud and cyberthreats, the CBR adds.

 

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They just still can't decide whether they go full irrational dic(k)tatorship or cherry-pick some freedoms

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sounds really strange. usdt would save people from systemic risks, but obviously banks dont see it.

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Where are such conclusions from? Cryptocurrencies are unlikely to be able to completely replace fiat money, although I would really like to. But it will not be a threat to it either.

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What is your opinion about the current Bitcoin state, since its Fear and Greed Index is 50 - NEUTRAL, with price of 40139.600192440035 usd? Our analytical team has done extended research regarding BTC, but we want to hear your opinion also.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

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