<span style="font-weight: 400">Russia has one of the most <a href="https://www.newsbreak.com/news/2445442041030/bank-of-russia-outlines-major-risks-in-crypto-as-annual-digital-asset-trading-volumes-soar">considerable</a> numbers of digital assets transactions in the world. Regarding visitors to leading cryptocurrency <a href="https://www.cryptoknowmics.com/news/cryptocurrency-exchange-binance-steps-up-base-plans-in-ireland/">exchange Binance</a>, the country has risen to the top of the rankings. The Bank of Russia, on the other hand, is raising concerns about the dangers connected with cryptocurrencies as the use of the new asset class grows. According to the Bank of Russia, total cryptocurrency transactions have topped $5 billion each year.</span>
<h2><span style="font-weight: 400">Bank of Russia Assesses the Risks of Digital Assets to Financial Stability</span></h2>
<span style="font-weight: 400">On its $2.8 trillion markets, the Bank of Russia recently published a study of financial stability. According to local central banks, the country's overall yearly volume of digital asset transactions hit $5 billion in July 2021. According to national hash rates statistics from the Cambridge Bitcoin Electricity Consumption Index in August 2021, Russia is also one of the world's largest Bitcoin mining <a href="https://www.cryptoknowmics.com/news/bank-of-russia-opposed-to-bitcoin-payments-against-the-far-reach-of-cryptocurrencies/">countries</a>, ranking third. The Bank of Russia is concerned about considerable dangers associated with the cryptocurrency market, including threats to financial stability, investor protection, money laundering, and criminal financing, despite the country's rising embrace of the new asset class.</span>
<h2><span style="font-weight: 400">Central Bank to Monitor Closely and Pin Down Potential Threats</span></h2>
<span style="font-weight: 400">The central bank announced that it would keep a careful eye on the market to identify any possible concerns posed by digital assets. According to the report, the interaction between cryptocurrencies and the financial industry "remains restricted at the moment."</span>

<span style="font-weight: 400">However, because the business has experienced quick expansion, the new asset class could offer more dangers to the country and the rest of the world, according to the report.</span>

<span style="font-weight: 400">While bitcoin trading became legal at the start of 2021, local banks have been barred from providing digital asset services by the government. The Bank of Russia's restrictions has limited the ability of local banks to offer crypto trading services. Even though cryptocurrencies have been proclaimed "authorized" in Russia, they are not considered lawful as a means of exchanging goods and services. Digital assets can still be mined, traded, and held by citizens.</span>

Bank of Russia Underlines Potential Risks in Crypto - As Annual Digital Asset Trade Volumes Grow

The Bank of Russia, on the other hand, is raising concerns about the dangers connected with digital assets as the use of the new asset class grows.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Bank of Russia Underlines Potential Risks in Crypto - As Annual Digital Asset Trade Volumes Grow

Top Picks