December 5, 2021

Bank Of Russia Evaluates BTC Payments of Local Residents

Yesterday, Vladimir Putin (the President of Russia) signified some tolerance for cryptos such as Bitcoin that are utilized to transfer funds. Today, an evaluation of the Bitcoin amount held by the native investors is being done on behalf of the head of the financial stability section of the Russian central bank. Elizaveta Danilova of the Bank of Russia disclosed that she is investigating the native crypto investors for estimating the crypto investment volume existing across the country.

Danilova commented about several queries about the risks involved in crypto investment, its sanctions, and other similar issues. She added that a survey consisting of the participants of the market would be conducted by the bank to acquire nearly all facts about the crypto investments. This problem was brought to the surface following the observation of the bank that several local people are not in favor of depositing their wealth into the banks. As per Danilova, notwithstanding the settlement of pandemic COVID-19, approximately 2.6T rubles (up to $36M) have not been refunded to the respective banks of the country. The withdrawal of the previously mentioned amount was made during the time of the pandemic.

In the meantime, the crypto’s case has not been helped by several products in Russia also. As per the department’s head, there is a big risk and challenge for those people who invest via foreign intermediaries. It is noteworthy that Putin expressed a somewhat dissimilar viewpoint to that of the regulators. During the latest interview, it was claimed by the Russian President that cryptocurrency has the legitimacy to exist as well as be utilized as a payment means. With the load of the sanction of 2014 after the Crimean Annexation, Putin had blamed the United States for utilizing the currency thereof like a weapon. In the same vein, digital currency might appear to be a suitable option.

Indeed, China is in advance struggling to confront the supremacy of the USD by its CBDC (Central Bank Digital Currency). As Putin is advocating this type of effort, Russia is expected to soon take some move in the direction of the regulatory efforts thereof. Another noticeable thing is that the President is even now cautioned regarding the utilization of virtual assets in the trade of oil as well as other such commodities. The executive finalized by revealing that the step being taken to evaluate the Russian crypto investments is an attempt to prevent the emotional purchases being done by the consumers.