Bank of Russia proposes to allow crypto purchases for select investors

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Coin Telegraph 1d ago

Bank of Russia proposes to allow crypto purchases for select investors - Coin Telegraph

Quick Summary:

On March 12, the Bank of Russia announced a proposal to allow a “limited circle of Russian investors” to buy and sell cryptocurrencies like Bitcoin (BTC).“In accordance with the instructions of the President of Russia, the Bank of Russia has sent proposals to the government for discussion on regulating investments in cryptocurrencies,” the announcement stated.

The ban on using cryptocurrencies like Bitcoin for payments in Russia was part of the country’s first crypto law, “On Digital Financial Assets,” which came into force in January 2021.

While proposing to legalize crypto trading for investors who have at least $1.1 million in securities and deposits, the Bank of Russia also suggested introducing penalties for violations of the experimental regime.