The Central Bank of Russia has unveiled a plan to allow select investors and companies to trade cryptocurrencies under a three-year trial program.
New Initiative for Qualified Investors
The Central Bank of Russia has proposed a plan enabling specific investors and companies to trade cryptocurrencies during a three-year trial period. Eligible participants must hold investments in securities or deposits exceeding 100 million roubles or have earned over 50 million roubles in the past year. The program aims to assess risks and opportunities while avoiding the lifting of crypto payment bans until 2027.
Change in Russia's Crypto Approach
The Central Bank of Russia's proposal reflects a shift from the 2020 law prohibiting cryptocurrency use for purchases. Russia's approach to digital assets evolved following international sanctions. In September 2023, legislation was passed to allow registered businesses to mine cryptocurrencies, signaling a partial acceptance of certain crypto-related activities.
Role of the National Payment Card System
The proposal also mentions the National Payment Card System (NSPK), operational since 2014. While possibilities for NSPK to test crypto exchanges were discussed, U.S. sanctions imposed on NSPK in February 2024 complicate its role in international transactions.
This move by the Central Bank of Russia reflects its intent to adapt to global financial challenges while maintaining monetary control. The trial's outcomes could influence other countries' approaches to crypto regulation.
