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Central Bank of Russia Don’t Believe Crypto Assets Are a Threat to Global Financial Stability

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The Central Bank of Russia have not only released a report clearly stating that they don’t feel that crypto represents a global threat, but have also defined the digital currencies as “crypto assets”, perhaps signalling things to come with regards to regulations in the country.

But There Are Risks

However, the report goes on to say that while this is currently the case as the overall volume of transactions is relatively low in terms of global average, there could be risks involved with a dramatic upturn, the likes of which could take place if crypto was widely adopted by the retail or banking sectors, for example. And the paper also acknowledges the dangers of crypto-crime; money laundering, terrorism and fraud.

This report certainly has a lot to do with the new laws that were primarily approved by the Russian State Duma only a couple of weeks ago. The upcoming deadline for this bill, July 1st, would appear arbitrary as the first reading was approved almost unanimously, stating that “both cryptocurrency and tokens constitute property”. It goes on to say:

In this document it is directly determined that digital financial assets do not constitute a legal method of payment within the territory of the Russian Federation.

What About Sberbank?

At the moment though, Russia appears set at least to experience its first ICO, in the form of Sberbank CIB and the National Settlement Depository. And there is still some way to go in Russia in terms of clarifying the specifics of widespread regulation for investors, banks and the general public – especially if the national crypto, the Crypto Ruble, comes back in to play in the near future.

Image Credit: Deposit Photos

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