As Russia prepares to issue hard-and-fast regulations on cryptocurrency, ICOs and more, a new research by the Bank of Russia said that the “risks” associated with them would only increase should the industry greatly expand, CoinGeek reported.
“Regardless of their high volatility, at present crypto assets do not constitute a risk for global financial stability inasmuch as their transaction volume is very small when compared to the scale of the global financial system, and the link between this area and the financial system is not a large one,” the document reads.
The report acknowledges that massive growth in the future will change this situation, pointing to crypto volatility as a major concern that makes them unreliable. The central bank begins to address some risks, listing money laundering, terrorism financing, as well as protection of investors.
The report’s tone echoes that taken by various central lending institutions over recent months and years, continuing a narrative Russia began in 2015 when authorities railed against Bitcoin as a “money surrogate” and claimed it would not be permitted.
Russia has been looking into cryptocurrencies for a while now. Recent developments include the Russian State Duma approving the first reading of regulation legislation for the crypto industry, which defined cryptocurrencies as property as well as rules for dealing in the space.
Other developments include last week’s announcement by the Russian bank Sberbank CIB where they announced the countries official ICO launch. Igor Bulantsev, president of Sberbank CIB, said that the Russian ICO market is “highly promising,” and that banks are interested in the idea of using their own ICOs for fundraising.