Russia’s central bank has proposed new regulations that would allow high net-worth individuals to buy and sell cryptocurrencies during a three-year testing period, the bank said in a statement Wednesday. 

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). 

It will also allow institutions that are “qualified investors” to “become participants in the experiment,” adding that it would “establish regulatory requirements taking into account the level and nature of risks of such an asset.”

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

In 2022, Russian President Vladimir Putin signed a law banning the use of digital assets for payments. But the country has since become more open to the industry—especially following its war with Ukraine: lawmakers last year voted to legalize cryptocurrency use for international payments. 

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

Russia has used cryptos to evade U.S. and European sanctions imposed after the country’s unprovoked invasion of Ukraine, which broke international law. 

President Vladimir Putin last year signed a law allowing cryptocurrency mining in the country.

In a public forum last December, he asked if anyone could realistically stop Bitcoin. 

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

Later that day, the biggest and oldest cryptocurrency broke past the mythical $100,000 mark. Bitcoin was recently trading near $83,000, roughly flat over the past 24 hours but more than 20% down from its all-time high near $109,000.

Edited by James Rubin

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