Cryptocurrencies do not threaten global financial stability, according to the Bank of Russia in the information-analytical report «financial stability Review for the fourth quarter of 2017 and I quarter of 2018.»
«Despite the high volatility, at the moment, scriptactive not create a risk to global financial stability, since the amount of operations is very small compared to the scale of the global financial system and the correlation of this segment with the financial system», according to the Central Bank.
According to the report, in the international practice there is a gradual abandoning of the term «cryptocurrency» because scriptactive do not perform the basic functions of money.
«Large price volatility scriptaction prevents they have been a reliable measure of value, medium of exchange and savings. In almost all countries of the world scriptactive are not legal tender and are not guaranteed by the state,» say they.
The financial stability Board (FSB) proposes to replace the term «cryptocurrency» with the term «scriptactive» and proposes to consider it as a kind of financial asset, based on the use of cryptography and technology of the distributed registry.
«The term covers both «coins» (coins) and tokens – assets stored in a distributed registry, and testifying to the right of the holder to participate in the company’s capital, profits of the project, giving the owner status of the lender granting the right of access to the services of the project,» the document States.
The regulator noted that scriptactive could threaten financial stability in case of further market growth, large-scale involvement of retail and institutional investors, banks and other traditional market participants, making scriptactive as a common means of payment.
«However, financial intermediaries would bear the characteristic of scriptaction liquidity risk, market risk and credit risk, and the interconnectedness of large financial institutions can contribute to the spread of such risks on a wider range of market participants and the real economy,» said the regulator.
To associated with investing in scriptactive, RESMI the Bank include: the lack of protection of the rights of investors, the risks in the sphere of prevention of money laundering and terrorist financing, lack of market liquidity, operational risks, the use of leverage.
«According to estimates of the number of large banks, the Russian segment of investing in cryptocurrency not only are interrelated with the traditional financial market participants. The observed volatility of the value of scriptaction had no impact on the functioning of banks and payment systems», – recognized CB.
Earlier, first Deputy Chairman of the Central Bank Olga Skorobogatova reported that the Bank of Russia may return to the question of positioning the digital money as means of payment if they prove their worth and reliability.