According to the local news agency Interfax, on Wednesday, the Russian Central Bank and the Ministry of Finance will launch an encrypted currency exchange for qualified investors.
According to reports, Russian Minister of Finance Anton Silouanov stated: “This would legalize encrypted assets and take encryption out of the shadows”. He added that “of course, this would not occur domestically, but as part of an operation permitted under the experimental legal system (ELR).
In March, it was reported that the Central Bank of Russia had submitted a proposal aimed at “encoded money transactions within the experimental legal system (ELR)” targeting qualified investors. The report also states that “this qualification is expected to be awarded to individuals who invested more than 100 million roubles (approximately $1.2 million) in securities and deposits, or who earned more than 50 million roubles (approximately $0.6 million) last year”.
Last month, a Russian official stated that sanctions would not prevent Russians from entering the encrypted currency market or using it to bypass them. In February this year, the EU imposed sanctions on the Russian-based Garantex Exchange, which has been subject to United States sanctions since April 2022.
Last month, the Central Bank of Russia stated: “The introduction of an experimental legal system aims at increasing transparency in the encrypted money market, setting standards for services in this market and expanding investment opportunities for complex investors with higher-risk preferences”.
This new initiative shows that, despite the fact that President Vladimir Putin signed a law in 2022 prohibiting the use of encrypted asset payments, the country is moving towards the acceptance of encrypted currency.
Reuters reported last month that Russian oil companies were facilitating oil trade with China and India through the intermediary use of bitcoin and Ethera.