Blockbeats reported that the Central Bank of Russia has identified cryptocurrency as a major risk factor within the financial market. In its ‘Main Directions for the Development of the Russian Financial Market’ report, the Central Bank of Russia stated, “An increasing number of citizens are using digital assets, including stablecoins, as an alternative to the national currency. Cryptocurrency investors can lose their entire investment, and even if losses occur, there is no one to hold accountable, nor are there sufficient investor protection mechanisms. The bank plans to consider imposing criminal liability for the circulation of unauthorized digital currencies and administrative liability for violations of regulations by legitimate market participants.”
