Russia’s Central Bank has proposed a three-year trial allowing a select group of investors to trade cryptocurrency, marking a significant but cautious step towards regulated digital asset use. The initiative will be restricted to experienced investors with assets exceeding $1.1 million, signaling Russia’s gradual shift towards exploring cryptocurrencies within its financial system.
While Russia remains cautious about fully embracing crypto, the trial is part of the country’s broader effort to integrate digital assets, particularly in light of increasing international sanctions. The Central Bank emphasized that this is a test phase, rather than full-scale adoption, and it will not allow cryptocurrencies to be used for daily payments, maintaining the restrictions set by the “On Digital Financial Assets” law passed in 2021.
Despite the limitations on consumer use, Russia has shown interest in leveraging cryptocurrencies for international trade. Since 2022, the country has been exploring digital assets as a means for cross-border transactions, with further plans to expand the use of crypto for foreign trade.
The Bank of Russia’s proposal also hints at allowing corporations to invest in crypto, potentially following the example set by companies like MicroStrategy, Tesla, and Metaplanet. This move aims to create a controlled investment framework to ensure transparency while cautiously exploring the potential of digital assets for both investment and international commerce.
