The Central Bank of Russia believe that the high volatility of scriptaction not threaten the stability of the global financial system, as the volume of operations with them is very small. The stock market capitalization of $311 billion on may 28, 2018 is 0.36 percent of total assets of the global banking system.
These data led in its information and analytical review for the fourth quarter of 2017 and I quarter of 2018, the financial stability Board (FSB) the Bank of Russia.
“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”, — say specialists of the Central Bank of the Russian Federation.
In the “financial stability Review” the FSB noted that in international practice there is a gradual abandoning of the term “cryptocurrency” because scriptactive do not perform the basic functions of money. Therefore, the Board also proposed to apply the term “scriptactive”.
“This term covers both “coins” (coins) and tokens — the assets recorded in the distributed registry and evidence of 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”, — stated in the review.
We will remind that earlier Chairman of the Central Bank of the Russian Federation Elvira Nabiullina noticed that cryptocurrencies are a little similar to money, and called them “kryptonite”. It had previously stated that it is highly speculative assets that do not ensure the protection of investors.