The Central Bank will study cross-border transfers of Russians related to crypto assets

 The Bank of Russia plans to study cross-border transfers of Russians related to the purchase of crypto assets in early 2024. The results of the survey should be submitted before February 9, 2024, according to the Bank of Russia program 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 the survey of the cost volumes of all cross-border transfers of 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 - verification, adjustment and a set of results. In the first two months of 2024, the Bank of Russia also wants to conduct stress tests in the mortgage and unsecured consumer lending markets.

According to the forecast of the international financial and consulting company deVere Group, crypto assets will play an increasing role in the diversification of investment portfolios and cross-border operations, changing the entire landscape of the financial market. Against the background of the increasing adoption of cryptocurrencies by traditional financial companies and institutions, as well as the formation of a regulatory regime in many countries, it is expected that cryptocurrencies will become a real mainstream.