Russia may introduce a test mode for cryptocurrency transactions

The Central Bank of Russia has proposed allowing qualified individuals to trade digital assets under a three-year experimental legal regime. The corresponding project has been sent to the Government for further discussion, TASS reports.

Citizens will be able to use this service if their annual income exceeds 50 million rubles or their investments in securities and deposits exceed 100 million rubles. Additionally, companies with the status of qualified investors under current laws and financial organizations that meet the regulator's additional requirements will be able to participate in the experiment.

“The new initiative will help make the cryptocurrency market more transparent, establish service provision standards, and expand opportunities for investors willing to work with risky assets,” the Central Bank said in a statement.

Outside of the experimental regime, the bank plans to maintain the ban on using cryptocurrencies as a means of payment between residents.

Earlier, we reported that the Bank of Russia, the Ministry of Finance, and the Treasury tested certain digital ruble operations as part of the budget process at the end of last year.