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Only rich people should be allowed to own cryptocurrency, Russia says (www.intellinews.com)

submitted 1 month ago by [email protected] to c/cryptocurrency

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The Central Bank of Russia (CBR) has proposed restricting cryptocurrency transactions to the wealthiest individuals, preventing most citizens from trading digital assets unless they meet stringent financial criteria.

Under the proposed framework, only individuals classified as "especially qualified investors" would be permitted to buy and sell cryptocurrency. This status would be granted to those with financial assets exceeding RUB100mn ($1.2mn) or an annual income above RUB50mn ($580,000). The proposal also suggests allowing companies already classified as qualified investors under current legislation to participate in the experiment. These include professional financial market participants such as banks, insurance companies, brokers, trust managers, non-state pension funds and asset management companies for mutual investment funds.

The CBR argues that cryptocurrencies pose significant risks due to their volatility and lack of state backing. Beyond these wealthy investors, the regulator has proposed a "ban on transactions between residents using cryptocurrency."

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The Moscow Exchange has indicated its readiness to launch crypto-related trading instruments once a regulatory structure is in place.

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[–] [email protected] 8 points 1 month ago

So only for the oligarchs eh… interesting

[–] [email protected] 4 points 1 month ago (1 children)

That's a weird stance. Crypto is rife with pump and dump schemes. They're saying only the rich should get pumped and dumped? Are they only going to steal money from each other?

[–] [email protected] 2 points 1 month ago (1 children)

Probably a way to hamper the black market. Considering the prices in Russia that doesn't surprise me

[–] [email protected] 2 points 1 month ago* (last edited 1 month ago)

Or it's intended to permit oligarchs to launder money/avoid sanctions while preventing general capital outflow/protecting reserves. The "relokanty" that fled at the beginning of the war in Ukraine left assets behind and have had trouble accessing them due to financial sector sanctions.