The Central Bank will study cross-border transfers of Russians related to crypto assets
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The Bank of Russia plans to study cross-border transfers by Russians related to the purchase of crypto-assets at the beginning of 2024. The survey results must be provided by February 9, 2024, it follows from programs Bank of Russia for the first half of 2024.
The regulator claims that the purpose of the survey is to establish the possibility of identifying such transfers in the total volume of cross-border money transfers of Russians, as well as to estimate their value. By February 9, according to the program, it is also necessary to submit the results of a survey of the value of all cross-border transfers by Russians.
In January-February, the Central Bank also plans, in particular, to conduct stress testing using the bottom-up method. These are stress tests in which the largest banks independently carry out calculations according to a single scenario, and the regulator checks, adjusts and summarizes the results. In the first two months of 2024, the Bank of Russia also wants to conduct stress tests on the mortgage lending and unsecured consumer lending markets.
According to the forecast of the international financial consulting company deVere Group, cryptoassets will play an increasingly important role in the diversification of investment portfolios and cross-border transactions, changing the entire landscape of the financial market. With the increasing acceptance of cryptocurrencies by traditional financial companies and institutions, as well as the formation of regulatory regimes in many countries, cryptocurrencies are expected to become truly mainstream.
Read more in the Kommersant article. “Finance will sing techno-romances”.
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