Russia Central Bank proposes to be able to buy rich investors and to sell Crypto

The Central Bank of Russia has proposed new regulations with which high net-worthy people can buy and sell cryptocurrencies during a three-year test period, the bank said In a statement Wednesday.

The bank said that it would allow ‘particularly qualified’ investors who with investments in shares and deposits of more than 100 million rubles (around $ 11.5 million) or with income in the past year of more than 50 million rubles (around $ 5.7 million).

It will also allow institutions that are ‘qualified investors’ to ‘become participants in the experiment’, and adds that ‘legal requirements would determine, taking into account the level and the nature of the risks of such an active’.

“The introduction of the EPR is aimed at increasing the transparency of the cryptocurrency market, forming standards for providing services, expanding investment options for experienced investors ready to take increased risks,” the bank said.

In 2022, Russian President Vladimir Putin signed A law that prohibits the use of digital assets for payments. But the country has since become more open to industry – especially after his war with Ukraine: legislators last year voted To legalize cryptocurrency use for international payments.

In her announcement, the bank said that cryptocurrencies were still not allowed in the country as a form of payment. The bank noted that cryptocurrencies “are not guaranteed by a … areas of law”, and are subject to increased volatility. “

Russia has used cryptos to avoid American and European sanctions imposed after the non -led invasion of the country in Ukraine, who violated international law.

President Vladimir Putin last year signed A law that makes cryptocurrency mining possible in the country.

He in a public forum last December, he sought -after If someone could stop realistically Bitcoin.

“For example, Bitcoin, who can forbid it?” Asked Putin rhetorically. “Nobody. And who can ban the use of other electronic payment instruments? Nobody, because these are new technologies.”

Later that day, the largest and oldest cryptocurrency broke past The mythical $ 100,000 mark. Bitcoin was recently traded near $ 83,000, roughly flat in the last 24 hours, but more than 20% lowered compared to his all time near $ 109,000.

Edited by James Rubin