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

The Roscongress Foundation is a socially oriented non-financial development institution and a major organizer of nationwide and international conventions; exhibitions; and business, public, youth, sporting, and cultural events. It was established in pursuance of a decision by the President of the Russian Federation.

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, 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 5,000 people working in Russia and abroad.

The Foundation works alongside various UN departments and other international organizations, and is building multi-format cooperation with 173 economic partners, including industrialists’ and entrepreneurs’ unions, financial, trade, and business associations from 78 countries worldwide, and 179 Russian public organizations, federal and legislative agencies, and federal subjects.

The Roscongress Foundation has Telegram channels in Russian t.me/Roscongress, English – t.me/RoscongressDirect, and Spanish t.me/RoscongressEsp. Official website and Information and Analytical System of the Roscongress Foundation: roscongress.org.

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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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