Central Bank of the Russian Proposes Limited Crypto Trading for High-Value Investors

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• Russia Central Bank proposes a three-year trial allowing qualified investors meeting financial thresholds to trade crypto assets under monitored conditions.
• Program restricts participation to high-income entities, aims to assess risks without lifting crypto payment bans until 2027.

The Central Bank of the Russian Federation has drafted a plan to permit select investors and companies to trade cryptocurrency under a three-year trial program. The proposal, reported by Reuters, would enable individuals and firms meeting specific financial criteria to buy and sell digital assets starting in 2024.

Under the plan, eligible participants must hold investments in securities or deposits exceeding 100 million roubles ($1.15 million) or have earned over 50 million roubles ($575,000) in the past year.

The central bank stated the trial aims to increase oversight of crypto transactions while cautioning that digital asset trading carries financial risks. “Participants must understand they could lose funds,” the bank noted in its announcement.

“This is a new status that … citizens will receive if their investments in securities and deposits exceed 100 million roubles ($1.15 million) or if their income over the past year was more than 50 million roubles ($575,000).”

The Central Bank of the Russian Federation marks a shift from Russia’s 2020 law, which prohibited using cryptocurrencies like Bitcoin for purchasing goods or services. The country’s approach to digital assets has evolved since 2022, when Western sanctions over the Ukraine conflict limited access to global financial systems. In September 2023, Russia passed legislation allowing registered businesses to mine cryptocurrencies, signaling a gradual acceptance of certain crypto-related activities.

The proposal also references the National Payment Card System (NSPK), a platform operated by the Central Bank since 2014. Last year, officials discussed using the NSPK to test crypto-ruble exchanges. However, the U.S. Treasury imposed sanctions on the NSPK in February 2024, complicating its role in international transactions.

ETHNews analysts suggest the trial could help Russia explore regulated crypto markets without fully reversing existing restrictions. By limiting participation to high-income individuals and firms, authorities aim to monitor trading patterns while mitigating broader economic exposure. The central bank has not specified which cryptocurrencies would be permitted or how transactions would be recorded.

If approved, the program would run until 2027, with regulators assessing results before considering permanent rules. The plan does not alter Russia’s ban on crypto payments for everyday transactions, maintaining the rouble as the sole legal tender for goods and services.

This step by the Central Bank of the Russian Federation reflects Russia’s balancing act: adapting to global financial pressures while retaining control over its monetary framework. The outcome could influence how other nations approach crypto regulation amid shifting economic alliances.