The Russian Central Bank is considering a three-year experimental regime to allow Russian investors to exchange cryptocurrencies.
On March 12, the Russian bank announced a proposal to allow a “limited circle of investors in Russia” to buy and sell cryptocurrencies such as Bitcoin (Btc).
“In accordance with the Russian President’s instructions, the Bank of Russia has sent government proposals for discussion about regulating investments in cryptocurrencies,” the announcement said.
While suggesting to make crypto trading for investors with at least $ 1.1 million in security and deposits, the Bank of Russia also suggested to introduce penalties for violations of the experimental regime.
Crypto payments remain strictly banned
The central bank has reiterated that other residents cannot repair payments using crypto.
The Prohibition on the use of cryptocurrencies such as Bitcoin for payments In Russia is part of the country’s first crypto law, “in digital financial assets,” which began in January 2021. In the new proposal, the Central Bank said:
“The Bank of Russia is still not considering cryptocurrency as a payment method. Therefore, it is advisable to also introduce a ban on residents in cryptocurrency transactions outside the experimental legal regime, as well as establish responsibility for violating ban.”
Despite the ban on residents from the use of crypto for payments in Russia, the Russian bank has turned on about allowing Cross-border repairs to crypto Because at least 2022.
In December 2024, Russian finance minister confirmed Anton Siluanov that Russia was active Crypto experiment with foreign trade In accordance with the law of the country, which refers to another Experimental legal regime, implemented in September 2024.
Reasons for the introduction of new regulations
The Bank of Russia’s reasoning for the introduction of the new crypto program for limited investors has come from efforts to increase the transparency of the local cryptocurrency market, the announcement is noted.
According to the Central Bank, the framework will introduce standards for Crypto Asset service providers in Russia and expand investment opportunities for experienced investors who are willing to take risks.
“The Bank of Russia has repeatedly noted that private cryptocurrencies are not issued or guaranteed by any scope, based on mathematical algorithms and are subject to increased volatility,” the authorities said, addition:
“Therefore, investors, when deciding to invest in cryptocurrency, should be aware that they are taking risks of potential loss of their funds.”
Rising odds of a “Russian microostrategy?”
In the announcement, the Central Bank said it also suggested to allow qualified companies to become participants in the experiment.
“For financial institutions who want to invest in cryptocurrency, the Bank of Russia will establish regulatory requirements considering the level and nature of the risks of such possession,” authorities said.
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By potentially allowing Russian -eligible companies to invest in cryptocurrencies, the Russian bank may provide a way for a “Russian microostrategy,” or a company dedicated to buying large BTC amounts following the leadership of the Michael Saylor’s approachformerly known as microstrategy.
Russia’s seven largest companies by market capitalization. Source: CompanymarketCap
A number of companies around the world, including Elon Musk’s Tesla, Metaplanet of Japan and Brazilian Fintech Unicorn Meliuzstarted buying BTC from Saylor’s approach It bought it first Coins in August 2020.
Outside the experimental regime, all qualified investors can invest in derivative financial instruments – security and digital financial assets tied to the cost of cryptocurrency assets – the central bank said.
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