Bank of Russia assesses Bitcoin holdings because $36 million has left the bank

The Central Bank of Russia is trying to assess the number of bitcoins (Bitcoin) Are held by local investors, and after the withdrawals triggered by the pandemic, a large amount of funds have not been returned to the bank.

According to Elizaveta Danilova, head of the Financial Stability Department of the Central Bank of Russia, the Central Bank of Russia is conducting a poll of local cryptocurrency investors to estimate the amount of cryptocurrency investment in Russia.

In an interview with Reuters, Danilova said: “We need to work on data and raise public awareness of the risks of such investments, and there is no support for these investments.” Publish Published on the official website of the Bank of Russia on October 14.

The official argued that the cryptocurrency market lacks transparency not only in Russia but also in other jurisdictions, and pointed out that crypto derivatives such as bitcoin futures or exchange-traded funds are more risky. “The challenge is that the market is cross-border. People can invest in cryptocurrencies through foreign intermediaries. Some major foreign exchange transactions in cryptocurrency derivatives have huge risks,” Danilova said.

While Russian banks are trying to analyze the amount of local cryptocurrency investment, Russians have recently been reluctant to deposit money in banks. According to Danilova, due to the COVID-19 pandemic, as many as 2.6 trillion rubles (US$36 million) have not been returned to the bank after a large number of withdrawals in 2020.

Some existing data prove that cryptocurrency investment has become very popular in Russia.According to a survey conducted by the Russian Association of Foreign Exchange Dealers, as many as 77% of Russian investors prefer Bitcoin Traditional investment tools such as gold and foreign exchange.

related: Russian Deputy Finance Minister stated that Russia does not intend to follow in China’s footsteps by completely banning cryptocurrencies

With the increasing popularity of cryptocurrencies, Russian banks Urges the government to limit crypto investment Initiated by an unaccredited investor, a legal initiative reportedly started Slow down the transaction speed of cryptocurrency exchanges Avoid “emotional” purchases of cryptocurrency.

Although Russian banks are skeptical of cryptocurrencies, Russian President Vladimir Putin believes Cryptocurrencies like Bitcoin are very suitable for transferring funds around the world, and may one day become a “means of accumulation.”