The Russian central bank is considering a three-year experimental regime to authorize select Russian investors to trade cryptocurrencies.
On March 12, the Bank of Russia announced a proposal to allow a “limited circle of Russian investors” to buy and sell cryptocurrencies like Bitcoin (BTC).
“In accordance with the instructions of the President of Russia, the Bank of Russia has sent proposals to the government for discussion on regulating investments in cryptocurrencies,” the announcement stated.
While proposing to legalize crypto trading for investors with at least $1.1 million in securities and deposits, the Bank of Russia also suggested introducing penalties for violations of the experimental regime.
Retail crypto payments remain strictly banned
The central bank reiterated that other residents cannot settle payments using crypto.
The ban on using cryptocurrencies like Bitcoin for payments in Russia was part of the country’s first crypto