Russia Central Bank Proposes Allowing Rich Investors to Buy and Sell Crypto

Russia’s central bank has proposed new regulations that would allow higher net-worth individuals to buy and buy bitcoin during a three-year testing time, the bank said in a statement Wednesday. &nbsp,

The bank said that it would allow” ‘ particularly qualified’ investors”, those with investments in stocks and deposits exceeding 100 million rubles ( about$ 11.5 million ) or with income in the past year of more than 50 million rubles ( approximately$ 5.7 million ). &nbsp,

It will also help organizations that are “qualified buyers” to “become individuals in the test”, adding that it would “establish regulatory needs taking into account the amount and character of risks of such an asset”.

” The introduction of the EPR is aimed at increasing the clarity of the crypto market, forming requirements for the provision of services, expanding funding opportunities for skilled traders who are ready to get on increased dangers”, the bank said. &nbsp,

In 2022, Russian President Vladimir Putin signed a laws banning the use of electronic goods for payment. But the state has since become more available to the business —especially following its conflict with Ukraine: legislators last year voted to allow cryptocurrency apply for international payments. &nbsp,

In its statement, the lender said that bitcoin as a form of settlement were still not allowed in the country. The lender noted that cryptocurrencies are” no guaranteed by any…jurisdictions”, and content to improved volatility.”

Russia has used cryptocurrencies to dodge U. S. and Western sanctions imposed after the government’s unwarranted invasion of Ukraine, which broke global laws. &nbsp,

President Vladimir Putin last month signed a law allowing crypto miners in the country.

In a common platform last December, he asked if anyone could accurately stop Bitcoin. &nbsp,

” For instance, Bitcoin, who may ban it? ” Putin asked philosophically”. Anyone. And who can prevent the use of different electronic payment equipment? Nothing, because these are innovative technology. ” &nbsp,

Later that evening, the biggest and oldest crypto broke past the fabled$ 100, 000 level. Bitcoin was just exchanging near$ 83, 000, almost flat over the past 24 hours but more than 20 % down from its all-time great near$ 109, 000.