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Bank of Russia outlines major risks in crypto as annual digital asset trading volumes soar

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FX Street

Fri, Nov 26, 2021

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However, the Bank of Russia is sounding alarm bells regarding the risks associated with digital assets as adoption of the new asset class rises.

Citizens in Russia are among the world’s most active participants in the digital asset market.

The Bank of Russia estimated that total volumes of cryptocurrency transactions have reached $5 billion per year.

Major local banks reported that as of July 2021, the total annual volumes of digital asset transactions in the country reached $5 billion.

Despite the country’s growing adoption of the new asset class, the Bank of Russia is concerned with significant risks associated with the cryptocurrency market, including threats to financial stability, investor protection, money laundering and criminal financing.

The report noted that the relationship between cryptocurrencies and the financial sector “remains limited at the moment.” However, since the industry has witnessed rapid growth, the report added that the new asset class could pose bigger risks for the country as well as the rest of the world.

While cryptocurrency trading was legalized at the start of 2021, the government has not allowed local banks to offer digital asset services.

Although cryptocurrencies were declared “allowed” in Russia , the new asset class is not considered legal as an exchange for goods and services.

FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.

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