In a notable policy shift, Russia’s central bank, the Bank of Russia, is exploring the legalization of cryptocurrency transactions for a specific group of qualified investors. This potential regulatory change is part of a broader initiative to facilitate cross-border cryptocurrency transactions.
In an interview with the Russian newspaper Izvestia, Alexey Guznov, the Bank of Russia’s state secretary and deputy governor, revealed the central bank’s plans to introduce a new classification of “particularly qualified investors.” This move would enable these individuals to engage in cryptocurrency trading as part of the nation’s exploration of cryptocurrencies for international transactions.
Guznov stated, “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.”
At present, there is no legal definition for these investors, but legislative changes are under consideration to formalize this category.
The central bank is also assessing the potential use of stablecoins for international trade, provided they meet specific requirements. Guznov explained that stablecoins supported by a responsible entity and similar to digital financial assets—centralized, tokenized assets issued in Russia—could be used for cross-border transactions under current legislation. Conversely, algorithmically managed stablecoins without a backing entity would be classified as cryptocurrencies, necessitating an experimental approach for their cross-border use.
Guznov’s comments follow recent reports suggesting that Russia is contemplating the creation of at least two domestic cryptocurrency exchanges. These exchanges might leverage the existing infrastructure of traditional stock exchanges in Moscow and Saint Petersburg. The primary focus of these exchanges would be on developing stablecoins, including those linked to the Chinese yuan and a basket of BRICS currencies, rather than facilitating direct cryptocurrency trading.
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