Russia’s central bank is proposing a trial run that would let high-net-worth individuals and certain businesses trade cryptocurrencies like Bitcoin.
A Limited Experiment
The proposed three-year experiment aims to increase transparency in crypto trading. The central bank acknowledges the risks, warning participants that they could lose money. Only those with over 100 million rubles ($1.15 million) in securities and deposits, or over 50 million rubles ($575,000) in annual income, would qualify.
Shifting Stance on Crypto
This proposal marks a potential shift in Russia’s stance on crypto. While Russia banned using crypto for purchases in 2020, recent events may be influencing this change. The country has already legalized crypto mining for businesses and is exploring using its national payment system (NSPK) for ruble-crypto trading. Note that the NSPK is currently under US sanctions.
Disclaimer: This information is for general knowledge only and is not financial advice. Investing in cryptocurrencies is risky, and you could lose money. Always do your own research before making any investment decisions.
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