Russia: “krypto monies do not threaten global financial stability.”

The Russian Central Bank issued a report stating that these currencies have not yet stabilized the global financial system because the global trading volume of Crypto currencies is very low.

Russia: “the impact of Crypto money on the financial system is insignificant.”

The Financial Stability Board has proposed the use of the term krypto asset instead of the term krypto currency. The reason for this is that it can be considered as a financial asset based on cryptography and scattered wallet technology. According to the report, krypto assets do not pose a risk to global financial stability. Because the volume of Crypto Asset Transactions is very low compared to the scale of the global financial system. According to the report, the impact of this segment on the financial system is insignificant.

However, according to the report, more market growth of Crypto assets, retail and institutional investors, banks and other market players in the market in large-scale involvement of the risk of financial stability, he said. According to the Central Bank's report, the high price volatility of Crypto assets prevents them from becoming a reliable standard of value, exchange tools and value stores.

Russia calls Crypto money and tokens “property”

In addition, the report outlines various issues such as the protection of investor rights related to investing in krypto assets, the risks involved in Money Laundering and the prevention of Terrorism Financing, liquidity shortage in the market, operational risks and leverage utilization.

Earlier this month, Russia approved the first draft to regulate the krypto monetary sector. The bill, approved by krypto, calls currencies and tokens “property”. Krypto also identifies definitions of currencies and Blockchain technology. Last week Sberbank and the national reconciliation agency announced the country's first official ICO pilot. According to Sberbank Manager Igor Bulantsev, the Russian ICO market is very promising and many of the bank customers are very interested in this new money collection method.

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