Russia's Central Bank to Allow Cryptocurrency Trading for Certain Investors

Russia's central bank has announced a three-year experimental operation plan to allow qualified retail investors to trade cryptocurrencies.
According to Zablock on the 13th (local time), the Russian Central Bank submitted the proposal to the government on the same day.
The Bank of Japan announced that further discussions on this matter will be held. However, the Bank of Japan still maintains its stance that it does not accept virtual currencies as a means of payment.
According to the central bank, investors who qualify to be allowed to trade cryptocurrencies must hold up to 100 million rubles ($11.5 million).
The definition is individuals who hold stocks and deposit assets of more than 50 million rubles (approximately $5.75 million or JPY 86.32 million) and who recorded income of more than 50 million rubles (approximately $5.75 million or JPY 86.32 million) last year.
In addition, companies that meet the eligibility requirements under current law will also be able to participate in the experiment, and the central bank will set regulatory requirements for such financial institutions.
"The experiment aims to increase transparency in the cryptocurrency market, establish standards for service provision and attract experienced, risk-taking cryptocurrency operators," the central bank said in a statement.
However, the central bank said in its announcement that it has no plans to recognize virtual currencies as an official means of payment, and that the program is intended to expand investment opportunities for wealthy investors.
The government has made it clear that it will prohibit cryptocurrency payments from being made by any institution other than those approved by the government.