LOL. 15 Russian banks have just collapsed with almost-complete deposit losses, their deposit insurance fund is empty, but they are warning people against the use of bitcoin.
The second most ridiculous statement about bitcoin after Cyprus central bank
Do you have more info on that?
Got this news from one of my contractors who lives in russia. I asked him to send me the complete list of sources and will post it soon.
It's 3 medium banks and 12 small banks that were crashed. More banks collapses are coming soon as insurance fund was depleted to partially cover deposits from the first 3 banks.
That was published in their regional press in multiple small articles. For obvious reasons they don't publish it at once at prime time. I wonder why western media still is not aware of this issue.
I'm surprised that Russians are still keeping their money in banks. Don't they remember how it was in 1998 when almost all the russian banks crashed with complete loss of deposits?
I found this article online
http://www.bdlive.co.za/world/europe/2014/01/10/russia-revokes-siberian-banks-licenceMOSCOW — Russian regulators have cancelled the licence of AKB Novokuznetsk Municipal Bank (NMB), saying that the Siberian lender made high-risk loans and allowed its owners to borrow from the company.
The Russian central bank said in a statement on its website on Thursday that NMB was running "a high-risk credit policy" and not adequately creating reserves for possible loan losses. The bank, which was among Russia’s top 300 lenders by assets as of last month, did not fulfil its obligations to creditors and depositors because of insufficient cash flow, the regulator said.
NMB said depositors with as much as 700,000 rubles ($21,000) are entitled to a full reimbursement from the Deposit Insurance Agency.
Payments would begin by January 23, the agency said on its website. NMB’s press office did not respond to calls seeking further comment.
The regulator has accelerated its crackdown since November 29 when it revoked the licence of Master Bank, Russia’s 41st largest lender by assets, for money-laundering violations. Midsize lenders Project Financing Bank and Smolensky Bank were also shuttered on December 13, and Investbank was closed after failing capital adequacy reviews.
The central bank has revoked about 30 banking licences since July 1 when Elvira Nabiullina succeeded Sergey Ignatiev as governor, compared with three in the first half of the year. She is striving to tighten regulation of banks and curtail net capital outflow, forecast at about $55bn last year.
NMB, which focused on the Kemerovo region of Siberia, was set up in 1994 and provides services to firms and individuals, according to its website.
An unidentified NMB director is being probed for allegedly transferring cash from the bank to other lenders in Russia to repay debts, according to a statement on Thursday by the Russian Investigative Committee. This had resulted in depriving the bank of sufficient reserves to cover its clients’ loans, according to the statement.
So the Russian banks are shaky, deposit compensations funds are low are they're worried about capital outflows ($55bn last year).
Of course they're going to hate Bitcoin! But the Russian people will still want it because having more than $21,000 in a Russian bank doesn't seem attractive.
If oil prices tank Russia is in big trouble!
