according to materials from the website - By Cryptopolitan_News
According to statistics published by the Central Bank of Russia, Russian investors acquired Bitcoin futures worth over 16 million dollars in less than a month of trading.
The monetary policy department noted that the majority of purchases are made by individuals, reminding Russians that cryptocurrency derivatives carry risks similar to those associated with their underlying assets.
The Central Bank of Russia assesses the new Russian Bitcoin futures market.
The Central Bank of Russia (CBR) published statistical data revealing the volume of the young futures market in the country, based on cryptocurrency prices. This data was included in the latest edition of the 'Financial Market Risk Review'.
As of June 27, the total volume of open net positions of retail investors amounted to about 1.25 billion rubles (over 16 million USD), the document states. 'The share of individuals in the total volume of long positions is 97%,' the regulator emphasized. Trading in futures tied to the value of the leading cryptocurrency began in Russia on June 4, when the Moscow Exchange launched contracts on the shares of Bitcoin ETF (IBIT) by BlackRock, which expire in September.
This became possible at the end of May when the Bank of Russia allowed financial organizations to offer cryptocurrency derivatives to qualified investors while simultaneously warning both financial companies and their clients in Russia against direct investments in digital assets.
This week, the Bank of Russia took the opportunity to express its concerns again. 'It is worth noting that these instruments carry increased risks for investors,' the monetary policy department stated, emphasizing:
'Cryptocurrencies are volatile and risky, so investments in instruments whose pricing depends on them will also possess such characteristics.'
The most common positions opened by the majority of investors (2800) are at levels of less than 500,000 rubles (less than 6500 USD), the report specifies.
At the same time, as noted by the Central Bank, a significant share of the invested funds comes from private investors controlling larger capital, with portfolios exceeding 100 million rubles. They are followed by other large players with capital from 10 million to 50 million rubles.
'However, it should be noted that the number of investors in these groups is relatively small,' the Bank of Russia commented. It was also noted:
'The opposite short position is mainly occupied by non-resident legal entities.'
Although recent reports have shown that Russians own crypto assets worth over 25 billion dollars, the country's financial regulators, including the Central Bank and the Ministry of Finance, continue to oppose granting ordinary citizens access to cryptocurrencies or crypto derivatives.
In March of this year, the Central Bank of Russia proposed to allow a limited number of investors to acquire and trade digital currencies, such as Bitcoin (BTC), within the framework of an 'experimental legal regime' (ELR). The bank stated that these should only be 'highly qualified investors'.
To fall into this category, which has not yet been legislatively defined, individuals will need to confirm an annual income of 50 million rubles (over 600,000 USD) or more and investments in securities or deposits amounting to more than 100 million rubles (1.2 million USD), the agency suggested.
Meanwhile, a new study, the results of which were published by the business newspaper 'Vedomosti' this week, showed that 52% of qualified Russian investors already have cryptocurrency in their wallets.
And another 38%, who have not yet purchased cryptocurrency, intend to acquire it. In the future, this will become possible, and the total number of those interested in crypto investments will reach 90% of respondents.
However, the Central Bank of Russia still maintains a stubborn position regarding Bitcoin. The head of the bank, Elvira Nabiullina, recently stated that the monetary policy regulator has no current plans to replenish its reserves with cryptocurrencies.
The Central Bank of Russia also rejects any possibility of allowing the use of digital coins, such as BTC, for payments on its territory, beyond the scope of ELR. The special regime allows Russian companies to use BTC and other cryptocurrencies in international settlements with trading partners under financial restrictions imposed due to military sanctions against Moscow.
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