While many countries are struggling with the regulation of cryptocurrencies, Russia is taking a striking step: the central bank wants to start an experiment in which rich investors can buy and sell under strict conditions. This plan, with a duration of three years, marks a shift in the attitude of the Russian government in relation to the sector.
Only for the rich top
To be eligible, individuals must have investments in shares and deposits worth at least 100 million rubles (around $ 11.5 million) or an annual income of more than 50 million rubles (around $ 5.7 million). In addition, qualified institutional investors may also participate in the experiment, provided they comply with specific regulations that the Central Bank will determine.
According to the Russian Central Bank, the aim of this test is to increase the transparency of the cryptomarket and to develop standards for services within this sector. It is also seen as a way to offer experienced investors more options, provided they are willing to accept the corresponding risks.
Despite this relaxation, Russia continues to stick to the ban on cryptocurrencies as a means of payment within the country. This position was laid down by President Vladimir Putin in 2022. Since the invasion of Ukraine, however, a clear shift has been visible in the attitude of the government with regard to crypto, especially with regard to international payments.
Last year, Russian legislators agreed to legalize cryptocurrency for cross -border transactions, with which the country created an alternative to the traditional banking system that is bent under heavy Western sanctions.
Putin about Bitcoin: “Nobody can forbid it”
President Putin himself seems to have more and more eye for the elusiveity of cryptocurrency. In a public meeting at the end of last year, he asked rhetorically: “Who can forbid Bitcoin (BTC)?” Nobody. And who can prohibit the use of other electronic payment instruments? Nobody, because these are new technologies. “
Remarkably, Bitcoin broke through the symbolic limit of 100,000 dollars that same day. The Bitcoin rate currently fluctuates around $ 83,200, an increase of 1.04% in the last 24 hours.
These developments show that Russia is sailing a pragmatic course when it comes to crypto. On the one hand, technology is limited where necessary, on the other hand it is increasingly being used as an economic instrument. Whether this test ultimately leads to a broader acceptance of crypto within Russia, it still has to be seen.
Claim € 10 free today and do not pay trading costs over the first € 10,000!
Grab this unique opportunity with Newsbit and Bitvavo by creating an account now via the button below. Only deposit € 10 and receive € 10 free of charge. Moreover, you can act without costs for 7 days over your first € 10,000 in transactions. Start today and take advantage of the growing popularity of Crypto!
Make your account and claim € 10 for free.
Don’t miss this opportunity to take advantage of the growing popularity of Crypto!
Source: https://newsbit.nl/russische-centrale-bank-opent-cryptomarkt-voor-miljonairs/
