Central Bank Of Russia Issues Proposal Allowing Wealthy Investors To Trade Bitcoin And Crypto: Report

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The Central Bank of the Russian Federation has reportedly released a proposal that if approved, would allow qualified entities to trade crypto assets.

In a statement, the central bank proposes a three-year experiment where wealthy investors and certain firms have the greenlight to buy and sell crypto assets, reports Reuters.

The Central Bank of Russia says the experiment is designed to boost transparency in crypto trading but warns that participants can lose money dabbling 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 of 2020, Russia enacted a law that banned the use of cryptocurrencies such as Bitcoin (BTC) to purchase goods and services in the country. But the European giant appears to be softening its stance on digital assets after the US and its allies imposed crippling sanctions against Russia for the war in Ukraine.

In September, the country passed a bill that enabled legal entities and registered entrepreneurs to mine digital assets. Reports also emerged last year that Russia will try to use the National Payment Card System (NSPK) to trade rubles and crypto assets when testing payments and the exchange platform.

The NSPK was created in 2014 and is wholly owned by the Central Bank of Russia, but was placed under sanctions in February 2024 by the United States Department of the Treasury.

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