Russia's central bank has reversed its stance on cryptocurrencies, proposing to allow Bitcoin, Ethereum, and USDT on regulated platforms. The move comes four years after the bank initially sought to ban cryptocurrencies. According to the proposal, individuals will be able to buy these cryptocurrencies after passing a 'knowledge test' and adhering to an annual limit of 300,000 roubles (approximately 3,150 euros).
Eligibility Criteria
The selection of cryptocurrencies is based on three criteria: a average capitalization of over 5,000 billion roubles (approximately 52.5 billion euros) over two years, a daily average volume of over 1,000 billion roubles (approximately 10.5 billion euros), and at least five years of price history on a foreign platform. Currently, only Bitcoin, Ethereum, and USDT meet these conditions.
Investment Limits
Non-qualified investors will be able to buy these cryptocurrencies within the annual limit, while qualified investors will have unrestricted access. All investors will be required to pass a preliminary test and acknowledge the risks associated with volatility, storage, and potential losses.
Regulatory Framework
The law governing this new market has already been signed by Vladimir Putin and is set to come into effect on September 1. The central bank's implementation text is currently under consultation until August 24. While Russians will be able to invest in cryptocurrencies, they will not be able to use them for daily purchases.
