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Russia’s Central Bank warns cryptocurrency bubble may result in huge losses for consumers

November 28, 17:35 UTC+3 MOSCOW

The market capitalization of Bitcoin has increased more than ten-fold over the past two years

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© Yulia Parusova/TASS

MOSCOW, November 28. /TASS/. Russia’s Central Bank assumes that cryptocurrencies carry high risks, and a potential "bubble" on the cryptocurrencies market may result in considerable losses for consumers, according to the regulator’s Financial Stability Report released on Tuesday.

"A ‘bubble’ on the cryptocurrencies market may result in substantial loses for consumers. Also, there are risks that cryptocurrencies are used for money laundering and financing terrorism. The task of national and supranational regulators is to minimize those risks via developing a coordinated approach to regulation of the cryptocurrencies market and restricting the potential of high-risk investments and transactions," the report said.

The market capitalization of Bitcoin has increased more than ten-fold over the past two years. As of now, its capitalization amounts to around $90 bln.

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