A representative from the Central Bank has reiterated the institution's firm stance against cryptocurrency transactions within the country. Speaking at a press conference, the official proposed outlawing crypto settlements outside the experimental legal regime (ELR), a regulatory framework controlled by the Central Bank.
The ELR, currently in place, allows certain businesses to conduct cryptocurrency transactions and provides a regulated channel for miners to sell digital assets internationally. While the Central Bank has suggested that qualified investors could trade within this sandbox environment, its leadership remains opposed to wider adoption, calling for strict regulations and potential criminal penalties for violations.
Meanwhile, the Ministry of Finance has suggested a more flexible approach, proposing a category of ‘super-qualified’ investors who could be permitted to engage in cryptocurrency trading under specific conditions. The differing perspectives reflect an ongoing policy debate within Russian financial circles.
Some industry representatives argue that Russia should reconsider its restrictive stance, particularly in light of global developments, such as the United States reportedly increasing its Bitcoin and Ethereum holdings. However, Central Bank officials continue to reject any possibility of integrating cryptocurrency into Russia’s financial reserves, maintaining that retail investors should be protected from what they consider a highly volatile market.
According to Ledgerinsights, the Bank of Russia has made legislative proposals to allow a three year experimental regime for crypto investment by wealthy individuals.
The experiment would apply to wealthy individuals with assets of more than USD 1.1 million or annual income of more than $574,000 as well as companies that are qualified investors. The central bank plans to provide additional rules for financial institutions to ensure they manage the risks appropriately.
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