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If accepted, a proposal put out by the Central Bank of Russia would let a limited number of investors and companies to trade cryptocurrencies. The effort would function as a three-year pilot program with the goal of enhancing transparency in transactions involving digital assets, according to Reuters.
The central bank outlined that participation would be restricted to individuals with significant financial resources. “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).”
The central bank cautioned about possible risks, highlighting that participants may suffer financial losses when dealing with digital assets, even though the move could increase opportunities in the crypto sector.
Historically, Russia has enforced stringent laws governing the usage of cryptocurrencies. A regulation that forbids the usage of digital assets such as Bitcoin (BTC) for payment purposes was passed in 2020. However, Russia has changed its strategy in response to international sanctions imposed after the invasion of Ukraine.
The government made cryptocurrency mining lawful for entrepreneurs and registered businesses in September 2023. Additionally, according to reports, Russia was looking into ways to conduct digital asset transactions using the National Payment Card System (NSPK).
In February 2024, the U.S. Department of the Treasury sanctioned the NSPK, which was founded in 2014 and is fully owned by the Central Bank of Russia. Russia is still investigating blockchain-based financial transaction solutions in spite of these limitations.
This proposed crypto trading experiment marks a potential shift in the country’s stance, allowing select investors to engage in regulated digital asset trading while maintaining strict controls over the broader market.