MOSCOW (Reuters) – Russia’s central bank has proposed regulating certain cryptocurrency investments for wealthy individuals, it said on Wednesday, outlining plans for “specially qualified” investors to trade crypto assets.
The bank has gradually softened its strong opposition to cryptocurrencies, backing a law last year that allowed businesses to use cryptocurrencies in international trade, part of efforts to skirt Western sanctions imposed against Russia over the conflict in Ukraine.
The central bank’s proposal states that, under an experimental legal regime, certain investors and companies would be able to take part in a three-year crypto-investing experiment.
“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,” the bank said in a statement.
The bank said the experiment was aimed at increasing transparency of the cryptocurrency market and reminded potential investors of the risks of losing funds when trading crypto.
Cryptocurrency will still be banned as a form of payment, the bank said.
($1 = 87.0455 roubles)
(Reporting by Elena Fabrichnaya and Alexander Marrow. Editing by Mark Potter)
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