Deputy Finance Minister Ivan Chebeskov described the Central Bank’s recent initiative on trading digital currencies as another step towards legalizing crypto, Kommersant reports.
The Bank of Russia proposed to allow a limited number of companies deemed “especially qualified investors” to transact using digital currencies under an experimental legal framework. The especially qualified investor status will be granted to individuals with financial assets exceeding RUR 100 mln ($1.2 mln) or an annual income above RUR 50 mln ($580,000) in 2024.
This proposal is a step towards legalizing digital currencies in Russia, Deputy Finance Minister Ivan Chebeskov noted. He emphasized that the Ministry of Finance and the Central Bank do not support using crypto for payments within the country, but are in favor of creating infrastructure for digital currency circulation, while ruling out its use in “gray zones.”
The Central Bank seeks to create a controlled and regulated environment for the circulation of digital currencies, limiting access to them only to especially qualified investors. This experiment will enable the regulator to assess the digital assets’ impact on the country’s financial system, minimizing the potential risks posed by the uncontrolled use of such assets, Igor Rastorguyev believes.
“Importantly, this initiative is aimed at creating an alternative to existing cryptocurrencies, ensuring state oversight and regulation of digital financial instruments. This will pave the way for digital currencies’ integration into the official economy, ensuring transparency and security of transactions,” the analyst emphasizes.