Training on modelling fundamentals December 17–18

Cryptocurrency holdings concentration in Russia offsets risks for the national financial system

Cryptocurrency market and financial stability in Russia

  • Cryptocurrencies perform none of the money functions in full scope yet. Volatility in crypto markets is high and comparable to price movements in the food commodities (the most volatile of all markets), which disqualifies cryptocurrencies as a means of payment.
  • According to ACRA estimates, market capitalization of cryptocurrencies and cryptocurrency holdings in Russia amounted to USD 7.5–14 bln, or 1–2% of M2 money supply, in 1Q2018. In addition, the entire volume is held by the small number of owners, which offsets the risks for the Russian financial system. If cryptocurrencies were as popular among Russian residents as foreign currencies, the volatility demonstrated by cryptocurrencies would affect the Russian economy’s stability.
  • The interest rate on internal borrowings may periodically increase by 1 ppt on the typical volatility of cryptocurrencies, in case the amount of cryptocurrencies in the debt of residents (corporates and sole entrepreneurs) becomes as high as RUB 4…

The full version of this document is only available after a payment.

To clarify the cost and terms of payment, please contact Artem Mayorov

phone: +7 (495) 139 04 80, доб. 147, email:

Log in

Forgot password

Sign up

Reset password

Reset password


Полное использование материалов сайта разрешается только с письменного согласия правообладателя, АКРА (АО). Частичное использование материалов сайта (не более 30% текста статьи) разрешается только при условии указания гиперссылки на непосредственный адрес материала на сайте . Гиперссылка должна быть размещена в подзаголовке или в первом абзаце материала. Размер шрифта гиперссылки не должен быть меньше шрифта текста используемого материала.