MOSCOW, March 12 (Reuters) – The Central Bank of Russia has put forth a plan to regulate certain cryptocurrency investments, according to a Wednesday announcement. The proposal would permit “specially qualified” investors to participate in crypto asset trading.
The Central Bank’s stance on cryptocurrencies has gradually shifted. Last year, the bank supported legislation allowing businesses to use cryptocurrencies in international trade, an effort to bypass Western sanctions imposed on Russia due to the conflict in Ukraine.
The proposal outlines a three-year experiment under an experimental legal framework, permitting specific investors and companies to participate in crypto investing.
“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,” the bank explained in a statement.
The central bank stated that the experiment’s purpose is to increase transparency in the cryptocurrency market, but it also reminded potential investors about the risks of trading crypto and potentially losing funds.
The bank also reiterated that cryptocurrency will continue to be banned as a payment method.
($1 = 87.0455 roubles)
Reporting by Elena Fabrichnaya and Alexander Marrow. Editing by Mark Potter
