The Russian Central Bank says only the wealthy should be allowed to use the encrypted currency

Russian Central Bank He has Proposal Restricting encrypted currency transactions on the richest individuals, which prevents most citizens from circulating digital assets unless they meet strict financial criteria.

Under the proposed framework, only individuals classified as “particularly qualified investors” will be able to buy and sell encrypted currency. This situation will be granted to those who have financial assets exceeding 100 million rubles (1.2 million dollars) or annual income of more than 50 million rubles ($ 580,000).

The proposal also indicates that companies are already classified as eligible investors under the current legislation to participate in the experiment. These include participants in the professional financial market, such as banks, insurance companies, brokers, trust managers, NGOs and asset management companies for mutual investment funds.

The central bank argues that cryptocurrencies are significant risks due to their fluctuations and lack of support for the state.

Besides these wealthy investors, the organizer suggested “a ban on transactions between the population who use the encoded currency.”

The central bank said: “The Bank of Russia still does not recognize the encoded currency as a means of payment,” adding that digital assets “are not issued or guaranteed by any judicial state, and are based on very volatile and volatile algorithms.”

The proposal is part of the ongoing efforts to regulate digital assets in Russia, as the authorities have long maintained skeptical position on the encrypted currency.

While ordinary individuals are already banned from the use of Crypto for payments, ownership is not prohibited, and the government has allowed limited use in international transactions under a pilot legal framework.

The issue of using the cryptocurrency has gained importance after imposing Western financial sanctions in response to Russia’s invasion of Ukraine.

The Moscow Stock Exchange indicated its willingness to launch trading tools for encryption as soon as there is an organizational structure.

Despite the governmental resistance to the accreditation of the cryptocurrency on a large scale, Russia has gradually provided measures to regulate digital assets.

In 2024, the country gave legitimacy to the coded currency mining under specific circumstances, while a new tax system for digital assets became effective in 2025.

This article first back In Bne Intellinews.