The experts from the Analytical Credit Rating Agency (ACRA) believe that it is hindered by the high volatility of cryptocurrencies.
Despite the fact that the average monthly trading volume of all cryptocurrencies is $0.5 trillion (it is comparable to 31% of the global volume of goods trading) and even today some trading transactions can be carried out with the help of cryptocurrencies, they can’t implement such functions of money as a measure of value and means of circulation of goods because of their high volatility, the analysts of the agency believe.
ACRA believes that the main difference between cryptocurrencies and fiat money is that «its market value is formed mainly on the expectations and willingness of investors to sell it in the future at a higher price». Digital money usually is used as an investment asset.
ACRA estimates the share of cryptocurrencies in the total money supply of Russia at 1-2%. But it is rather difficult to determine this indicator accurately due to the opacity of the market, the anonymity of users and its use in cross-border settlements, the research concludes.
Most of the cryptocurrency is concentrated in a small number of owners. It excludes the risks for the country's financial system. «If such a volume of cryptocurrency was distributed among the whole Russian population as widely as foreign currencies, for example, the volatility of their exchange rate would have an impact on the stability of Russian economy», − ACRA notes.
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