Digital currency do not threaten the Russian financial system, because, due to the lack of their status at the legislative level, domestic companies borrow in the digital money. Accordingly, cryptocurrency will not be able to replace small and medium business ordinary investment loans.
To such conclusion experts of the Analytical credit rating Agency (ACRA), which led the study of the influence of cryptocurrency market on the financial stability of Russia.
«The high volatility of cryptocurrency to the traditional poses risks for the Russian financial system. This volatility may have an impact on the economy through debt revaluation and the effect of prosperity,» the study says ACRES.
In their view, the depreciation of the ruble leads to the revaluation of the debt denominated in foreign currency, thereby increasing the volume of payments and the demand for borrowed funds, and also increase inflationary expectations and risks of the counterparty. In turn this affects the cost of borrowing on the bond market it increases.
«The same mechanism works in the case of revaluation of cryptocurrency, but that such impact was significant, the amount of virtual currency in the structure of debt by Russian companies need to reach 4 trillion rubles – that is, the share of crypto-currencies in the total debt of the companies should be at 6% or more,» – noted analysts of ACRE.
According to some Russian start-UPS gathered in 2017 $300 million investment in the framework of the ICO. Because Russia does not have the status of cryptocurrencies, the Russian companies are not borrowing in these currencies.
According to General Director UK «Sputnik-capital Management» Alexander Losev, this is the reason that cryptocurrencies will not be able to replace small and medium business ordinary investment loans.
«No one will sell in the required amount of equipment and will provide space, power, communication and connectivity for the cryptocurrency that has no real value, other than quoted prices non-transparent pricing in the so-called cryptomeria» he said.