Putin Orders: Russia's Central Bank Allows Bitcoin and Altcoin Trading! - Coin Bulletin

The Central Bank of Russia is planning to allow cryptocurrency trading for a limited number of investors as part of a three-year trial period.

The Central Bank of Russia announced a new regulation proposal to control the digital currency market and increase investor security by allowing a limited number of wealthy investors to trade cryptocurrencies. According to the announcement released by the Bank on March 12, initially only specific investors will be able to invest in popular cryptocurrencies such as Bitcoin (BTC).

According to the proposal submitted to the government in line with President Vladimir Putin's instructions, only investors with assets worth at least 1.1 million dollars in securities and bank deposits will be able to benefit from this pilot program. The Central Bank of Russia also proposes sanctions on crypto transactions taking place outside of this regime.

(# Payments continue to be banned

While the Bank of Russia takes a step towards partially legalizing cryptocurrency transactions for investment purposes, it emphasizes that the use of cryptocurrencies as a means of payment is still strictly prohibited. According to the 'Digital Financial Assets' law in effect since January 2021, it is not possible to make payments with Bitcoin and similar digital assets within the borders of Russia. The Bank proposed that the ban on local payment transactions made using cryptocurrency should continue in the new regulation, and new sanctions should be imposed on those who violate this ban.

Russia's move is seen as a crucial turning point for the future of the cryptocurrency market in the country. The three-year trial period will serve as a test for broader future steps regarding the use of digital assets.