Michaela
Russia Central Bank Governоr Elvira Nabiullina has announced plans for a crypto ban that would prohibit cryptocurrency transactions between residents unless conducted within Russia’s experimental legal framework.
Russian media outlet RBC reported that Nabiullina emphasized the need for penalties against those who bypass the proposed crypto ban on transactions. She stated that consequences should be in place for individuals or entities using digital assets as a means of payment outside the approved legal framework.
“We remain with the old position that cryptocurrencies should not be allowed as a means оf payment, so we propose to introduce a ban on settlements in cryptocurrencies between residents outside the EPR. Not only to introduce a ban, but also to establish liаbility for violating this ban,” Nabiullina stated.
The Bank of Russia suggested that cryptocurrency investments, which carry heightened risks, should be tested within an experimental framework to establish standards, improve transparency, and assess investor qualification criteria.
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Previously, the Central Bank’s head stated that it was time to advance Russia’s approach to cryptocurrencies. Nabiullina emphasized the need for a regulatory framework that would allow “particularly qualified” investors to participate in the Russian crypto market.
Additionally, RBC reported that Vladimir Chistyukhin, First Deputy Chairman of the Bank of Russia, warned about the dangers of cryptocurrency transactions, stating that they are an “extremely risky activity” and that unqualified investors “must be protected from it as much as possible.”
In early March, Russia’s Ministry of Finance and the Central Bank began talks on allowing cryptocurrency trading within the Experimental Legal Regime (ELR). The discussions focused on limiting participation to “super-qualified” investors, who meet strict criteria for financial expertise and risk tolerance.
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The “super-qualified” investor category will be open to both professional market participants and individuals, rather than being restricted to banks. To qualify, applicants must meet strict criteria that align with existing financial market qualification standards.
Currently, qualified investors must have a minimum finanсial threshold of 12 million rubles. However, starting January 1 of next year, this requirement will increase to 24 million rubles.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
