The Central Bank of the Russian Federation has reportedly put forth a proposal that, if approved, would enable qualified entities to engage in trading crypto assets.
According to Reuters, the central bank has suggested a three-year trial period where affluent investors and select firms would be permitted to buy and sell crypto assets.
The Central Bank of Russia states that the purpose of the experiment is to enhance transparency in crypto trading, although it cautions that participants could face financial losses by venturing into digital assets.
“This is a new status that … citizens will receive if their investments in securities and deposits exceed 100 million roubles ($1.15 million) or if their income over the past year was more than 50 million roubles ($575,000).”
In July 2020, Russia implemented a law prohibiting the use of cryptocurrencies like Bitcoin (BTC) for purchasing goods and services within the country. However, in light of the sanctions imposed on Russia by the US and its allies due to the conflict in Ukraine, the country seems to be relaxing its stance on digital assets.
In September, a bill was passed in Russia allowing legal entities and registered entrepreneurs to mine digital assets. There were also reports last year about Russia’s plans to utilize the National Payment Card System (NSPK) for trading rubles and crypto assets during the testing of payment and exchange platforms.
The NSPK, established in 2014 and fully owned by the Central Bank of Russia, was subjected to sanctions by the US Department of Treasury in February 2024.
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