Russian central bank flags crypto market risks, weighs tighter regulation

Russia’s central bank has identified cryptocurrencies as a major risk factor in the financial market, BlockBeats reported. In a report on key development directions for Russia’s financial market, the central bank said more citizens are using digital assets, including stablecoins, as a substitute for the national currency. It said crypto investors could lose their entire investment and, even if losses occur, there are not enough accountable parties or investor protection mechanisms. The central bank added it plans to consider imposing criminal liability for the circulation of unauthorized digital currencies and administrative liability for rule violations by lawful market participants.