Russia’s been whispering about domestic crypto trading for a while now. It’s like they’re testing the waters, but still keeping it on the down-low.
Alexei Yakovlev, the Russian Deputy Finance Minister, spilled some beans at a financial forum. Finally!
Super-duper investors
They’re talking about an experiment that would let super-qualified investors trade crypto. Um, what?
No definition for what that super-qualified means yet, but think physicists with a genius-level understanding of markets. Sounds a little weird, isn’t it?
Currently, a qualified investor, as in a legal definition, in Russia needs assets worth about $133,111. Next year, that jumps to $266,222.
Yakovlev says they need to eliminate risks and get the legal regime right before taking it to the government.
It’s still in its infancy, but it’s a start. The idea isn’t new btw, Russia’s been discussing crypto trading for ages. They even allowed international settlements using crypto on an experimental basis last July.
The gray zone
Russian citizens can buy and own crypto, but trading? That’s still a no-go. Exchanges operate in a legal gray area, and state-run exchanges have been proposed in Moscow and St. Petersburg.
Lawyer Alexander Nektorov points out that using crypto for international settlements isn’t ideal for evading sanctions due to blockchain transparency. Still, big banks like Sberbank and VTB are interested in joining the experiment.
The CBDC dream
Russia’s also eyeing a Central Bank digital currency, a CBDC, allegedly to bypass sanctions, but it’s been delayed. Columnist Taisiya Romanova notes there aren’t any partners for it yet.
And forget about creating a crypto reserve like the U.S.; Deputy Finance Minister Vladimir Kolychev says crypto is too volatile. Russia’s National Welfare Fund is all about yuan and gold instead.
So, is Russia finally officially adopting crypto? Not quite yet. They’re taking baby steps, but it’s a start. Let’s see how this experiment plays out.
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