Russia is considering launching an experimental cryptocurrency trading platform for “super-qualified” investors as a way of providing a controlled framework for digital asset transactions.
According to state news agency Interfax, Aleksey Yakovlev, head of the Ministry of Finance’s financial policy department, confirmed that discussions are underway to establish the initiative.
The Ministry of Finance and the Bank of Russia are spearheading these talks, aiming to create a secure environment for cryptocurrency trading. However, Yakovlev emphasized that the plan remains in its early stages, and specific details have yet to be finalized.
“We are talking about ‘super-qualified’ investors, a category that does not yet exist. We are defining the criteria and assessing how this can be implemented under current conditions without posing risks to the financial system, monetary policy, or security,”
Yakovlev stated during a forum discussion.
He further explained that the initiative hinges on three key factors: establishing an experimental legal regime, identifying super-qualified investors, and mitigating all associated risks. If these conditions align, a concrete proposal may be presented to the government. For now, discussions remain within the Ministry of Finance in collaboration with the Central Bank and market participants.
“While this is still in its infancy, we must justify and address all concerns to ensure that this initiative is both feasible and secure. Allowing digital currency into domestic circulation is a separate matter that requires even more meticulous planning, which we are currently undertaking,”
Yakovlev added.
The pilot program is expected to be restricted to top-tier investors, including professional market participants and individuals with personal assets of at least 24 million rubles (approximately $250,000).
Although Russian citizens are permitted to own cryptocurrency, its use as legal tender remains prohibited. With no centralized exchange operating in the country, individuals can only trade digital assets through foreign platforms.
Meanwhile, the Bank of Russia has delayed the mass rollout of its Central Bank Digital Currency (CBDC), the digital ruble. The Bank stated that this decision was made to enhance its pilot programme and economic model. Initially scheduled for 1 July 2024, the launch has been delayed to facilitate comprehensive testing and discussions with banks to guarantee an optimal framework for customers.
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