When it comes to the adoption of cryptocurrencies and digital assets, Russia is one of the largest superpowers in the world to be ahead of the rest. The country has been making all the efforts to adopt cryptocurrencies. However, the country is trying to remain as regulated, firm, and transparent about cryptocurrencies as possible.
At the beginning of 2021, Russia had announced that no Russian Government officials were allowed to have possession of cryptocurrencies. It was made mandatory for them to reveal their cryptocurrency holdings and liquidate them before the crypto-laws kicked in.
Ever since Russia has accepted cryptocurrencies and has added them to their law, the country has ensured it deals with it in a strict yet flexible manner.
Initially, the country let the Russian locals trade and invest in cryptocurrencies. However, the Russian Government issued strict orders the locals were not to use cryptocurrencies for local payments.
Now, the Russian Central Bank has decided that it is going to asset the cryptocurrencies such as Bitcoin (BTC) and altcoins. The regulator has already scheduled an assessment for risks involved while dealing with cryptocurrencies and Bitcoin.
It has been revealed that the screening program of the Bank of Russia will be carrying out the risk assessment for cryptocurrencies. According to the Bank of Russia, the cryptocurrencies’ risk assessment has been scheduled to take place in the second half of 2021.
The examination will focus towards the potential risks that are involved while investing in cryptocurrencies. The assessment would also focus towards the risks involved with systems utilizing the cryptocurrency investments. The program would also assess the impact that would be exerted on the cryptocurrency investors in Russia, whether they are entities or individuals.
Bank of Russia has revealed that in order to carry out its investigation, it will be acquiring data from several credit organizations. The regulator has revealed that in total, there would be 15 credit organizations that would be providing it with the required data.
Bank of Russia has clarified that these credit organizations would include electronic payment providers such as WebMoney, Qiwi, and Western Union. Then there would be payment systems such as MasterCard and Visa. Additionally, there will be major banks such as Tinkoff Bank, VTB, and Sberbank that would be providing data to the Bank of Russia.
The Bank of Russia is not only going to run its investigation and assessment for Russian local individuals and entities, it is going to do the same for non-resident investors.
As per the regulatory authority, it is considering to launch an equity investment for the investors that are non-residents. According to the Bank of Russia, the study on equity investment will be released by the end of November 2021.