Despite its often-stated reservations about cryptocurrencies, the Bank of Russia has made legislative proposals to allow a three year experimental regime for crypto investment by wealthy individuals. It said it was at the behest of the President, but the bank nonetheless reiterated caveats about the risk involved.
The experiment would apply to wealthy individuals with assets of more than Ruble 100 million ($1.1m) or annual income of more than Ruble 500 million ($574,000) as well as companies that are qualified investors. The central bank plans to provide additional rules for financial institutions to ensure they manage the risks appropriately.
Apart from allowing wealthy individuals to invest, a key goal is to bring cryptocurrency trading out of the shadows and to help to develop standards for providing services.
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