A socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Roscongress Foundation – a socially oriented non-financial development institution and a major organizer of international conventions, congress, exhibitions, business, social and sporting, public, and cultural events.

The Foundation was established in 2007 with the aim of facilitating the development of Russia’s economic potential, promoting its national interests, and strengthening the country’s image. One of the roles of the Foundation is to comprehensively evaluate, analyse, and cover issues on the Russian and global economic agendas. It also offers administrative services, provides promotional support for business projects and attracting investment, and helps foster social entrepreneurship and charitable initiatives.

Each year, the Foundation’s events draw participants from 208 countries and territories, with more than 15,000 media representatives working on-site at Roscongress’ various venues. The Foundation benefits from analytical and professional expertise provided by 5000 people working in Russia and abroad. In addition, it works in close cooperation with 130 economic partners; industrialists’ and entrepreneurs’ unions; and financial, trade, and business associations from 70 countries worldwide.

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Research
22.06.2018

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

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 value of the cryptocurrency attributable to the economy of the Russian Federation and held by residents in Russia amounted to USD 7.5–14 billion, or 1–2% of M2 money supply, in 1Q2018. In addition, the entire volume is held by a 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. ACRA indicates both stimulating and deterrent growth factors for the share of cryptocurrency in Russia.


Typical volatility of the cryptocurrency exchange rates can periodically provoke an increase in the rate of interest on domestic borrowings by 1%, if the amount of the cryptocurrency in the debt profile of residents being legal entities and individual entrepreneurs reaches RUB 4 billion.


With the widespread of cryptocurrency, the Central Bank of the Russian Federation can use the same monetary instruments as for foreign currencies. The cryptocurrency for the Central Bank of the Russian Federation, if transactions with it are not transparent enough, will serve as the equivalent of a cash foreign currency, with the possibility of tracking non-cash foreign currency. The spread of cryptocurrencies has not yet reduced transaction costs in the economy.


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