While Russia has an ambiguous relationship with cryptocurrencies, the country's central bank proposed to legalize trading. What is this framework for, and what are its specifics?
The Russian Bank offers an opening to cryptocurrencies
Wednesday, The Bank of Russia presented a proposal to the government, aimed at authorizing the trading of cryptocurrencies to certain investors. The announced objective is the creation of a “Special experimental legal regime»Lasting 3 years.
However, only a reduced category of the population could benefit, since to obtain the necessary status, it would be necessary to have perceived more than 50 million rubles in the previous year, or have investments of a value greater than 100 million rubles. At the current exchange rate, this represents around 52.8 million euros and 1.05 million euros.
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With regard to institutional companies, companies considered to be qualified investors will also be able to take part in experience, while the Russian Bank intends to establish regulatory requirements for financial institutions.
Despite this semi-opening to cryptocurrencies, we can note that this project for an experimental framework focuses mainly on the speculative dimension of cryptocurrencies, by putting aside technological aspects. Indeed, transactions between individuals should be strongly limited:
The Russian Bank still does not consider cryptocurrency as a means of payment, which is why it proposes to simultaneously introduce a ban on regulations between residents on transactions with cryptocurrency outside the special experimental legal regime, as well as to establish responsibility in the event of violation of the prohibition.
For years now, Russia has an ambiguous relationship with cryptocurrenciesperiodically highlighting a legislative framework on mining or experiments on digital currencies of central banks (MNBC) or cross -border payments via the blockchain.
From now on, it will be a question of seeing if and to what extent the project in question in this article will materialize.
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In addition, the Russian Bank specifies that apart from the experimental framework, all qualified investors will be able to expose themselves to investment products that replicate the performance of cryptocurrencies, but without having to hold spot assets.
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Source: Russian Bank
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
Since 2021, I have devoted my free time to seriously train myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to carry out interviews with influential personalities from the blockchain industry. I also conduct in -depth analyzes on web3 themes to offer exclusive content to cryptoast readers.
Vincent Mayor
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