{"id":17006,"date":"2024-09-16T16:41:15","date_gmt":"2024-09-16T13:41:15","guid":{"rendered":"https:\/\/forklog.com\/en\/bank-of-russia-highlights-risks-of-cryptocurrency-transactions\/"},"modified":"2024-09-16T16:41:15","modified_gmt":"2024-09-16T13:41:15","slug":"bank-of-russia-highlights-risks-of-cryptocurrency-transactions","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bank-of-russia-highlights-risks-of-cryptocurrency-transactions\/","title":{"rendered":"Bank of Russia Highlights Risks of Cryptocurrency Transactions"},"content":{"rendered":"<p>The Bank of Russia views the widespread adoption of cryptocurrencies and stablecoins as a risk factor for the country&#8217;s domestic economy. This is outlined in the <a href=\"https:\/\/www.cbr.ru\/Content\/Document\/File\/165924\/onrfr_2025_2027.pdf\">draft<\/a> of the main directions for the development of the financial market until 2027.<\/p>\n<p>The regulator once again referred to digital currencies as &#8220;monetary surrogates&#8221; and emphasized that without global regulation, the trend of their use as units of account will only intensify.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Measures taken by individual countries may be insufficient to limit these risks within national economies due to the cross-border and extraterritorial nature [of these assets],&#8221; the document states.<\/p>\n<\/blockquote>\n<p>The Bank of Russia categorized cryptocurrency risks as part of global macroeconomic factors.<\/p>\n<p>The document has been submitted for review to the president and government, and it is also scheduled for discussion in parliamentary hearings in the State Duma.<\/p>\n<p>In September, a <a href=\"https:\/\/u1f987.com\/en\/news\/putin-approves-legalisation-of-cryptocurrency-mining-and-trading-under-experimental-legal-regimes\">law<\/a> came into effect in Russia, allowing foreign trade settlements and cryptocurrency trading within experimental legal regimes (ELR). The central bank will act as the regulator of this activity.<\/p>\n<p>The first cross-border transactions are planned to be conducted <a href=\"https:\/\/u1f987.com\/en\/news\/russias-central-bank-sets-date-for-cryptocurrency-experiments\">by the end of 2024<\/a>.<\/p>\n<p>By November, the Bank of Russia and the Ministry of Finance will prepare the necessary regulatory documents, which will define the participants involved in cryptocurrency trading within the ELR framework.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of Russia views the widespread adoption of cryptocurrencies and stablecoins as a risk factor for the country&#8217;s domestic economy. This is outlined in the draft of the main directions for the development of the financial market until 2027. The regulator once again referred to digital currencies as &#8220;monetary surrogates&#8221; and emphasized that without [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[345,1269,27,807],"class_list":["post-17006","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bank-of-russia","tag-cryptocurrencies","tag-russia","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"39","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=17006"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/17006\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/17005"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=17006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=17006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=17006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}