Last updated on August 31st, 2024 at 07:49 am
Russia’s central bank is considering proposing a legal amendment to create a new class of investors labelled “qualified investors,” who would be allowed to trade cryptocurrencies.
In an interview published today, Monday, August 26, 2024, in the Russian state newspaper Izvestia, Alexey Guznov, the state secretary and deputy governor of the Bank of Russia, mentioned this, hinting at a potential shift in the country’s approach to cryptocurrencies.
“There is currently a discussion about allowing a limited group of particularly qualified investors to trade digital currencies, enabling them to buy and sell such assets. However, this is a topic for the next stage. In the meantime, all potential risks need to be thoroughly analyzed,”
Guznov noted
He noted that the potential regulatory shift underscores Russia’s increasing focus on crypto’s role in its financial ecosystem amidst evolving global trade dynamics.
At present, there is no legal framework outlining the criteria for these investors. However, the central bank is said to be evaluating potential legislative changes to create this new category of particularly qualified investors.
In the same interview, Guznov noted that Apex is willing to consider using stablecoins in international trade, provided they meet specific conditions. According to him, stablecoins backed by a responsible entity and resembling digital financial assets—centralized, tokenized assets issued within Russia—can already be utilized for cross-border settlements under existing laws. However, Guznov clarified that algorithmically managed stablecoins without a backing entity would be categorized as cryptocurrencies, necessitating an experimental framework for their cross-border use.
Guznov’s comments follow recent reports indicating that Russia is exploring the creation of at least two domestic crypto exchanges, possibly leveraging the existing infrastructure of traditional stock exchanges in Moscow and Saint Petersburg. The primary goal of these exchanges would not be to enable cryptocurrency trading but to focus on the development of stablecoins, including those linked to the Chinese yuan and a basket of BRICS currencies.
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