The Central Bank of the Russian Federation has announced a new proposal to allow qualified individuals to trade cryptocurrencies in a three-year experimental timeframe. The proposal has been submitted to the Russian government for further discussion.
According to a statement on Wednesday, the central bank designated "qualified" investors as those who hold over 100 million rubles ($11.5 million) in stock investments and deposits, or earned over 50 million rubles in income last year.
Companies that are qualified under applicable law are also eligible to participate in the experiment. The central bank added that it plans to establish regulatory requirements for interested financial organizations.
"[The experiment] is aimed at increasing the transparency of the cryptocurrency market, the formation of standards for the provision of services on it, [and] the expansion of investment opportunities for experienced investors who are ready to take on increased risks," the central bank said in a translated statement.
The new initiative may suggest the country's move towards a wider adoption of cryptocurrencies, years after President Vladimir Putin signed a law banning crypto asset payments in 2022.
However, the central bank clarified that it still does not recognize cryptocurrency as a measure of payment. Consequently, it plans to prohibit settlements outside of authorized participants in the program and impose penalties for violations.
Meanwhile, Russia has been exploring cryptocurrencies as a means to circumvent U.S. and EU sanctions, placed primarily as a response to its invasion of Ukraine. Chainalysis reported last year that the Russian central bank is leading efforts to develop financial infrastructure for the country to use crypto for international trade while evading Western sanctions.
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