The Russian Central Bank to launch encryption for “highly qualified investors”-TRADINGVIEW News

The Russian Central Bank and the Ministry of Finance have cooperated to launch a local cryptocurrency stock exchange that aims exclusively to the “qualified investors who are qualified” for the country. According to the RBC local news port, the stock exchange will operate under a experimental legal framework. Russian Finance Minister, Anton Celuanov

“Next to the central bank, we will launch an exchange of encryption for very qualified investors,” Finance Minister Anton Selwanov (translated from Russian) said during a meeting of the Ministry, according to the local news agency. “The encryption assets will be coded, and encryption will be removed from the shade.”

“Of course, this will not happen locally, but as part of the permitted operations under the experimental legal system.”

Only the permissible “highly qualified investors”

The Deputy Director of the Finance Policy Department in Russia, Othman Kabaliv, explained that the criteria of “qualified investors” may include individuals who have at least 100 million rubles ($ 1.2 million of USD) of assets or annual income of 50 million rubles ($ 602,000).

However, Kabaloev explained that these criteria have not yet been completed, noting that they were initially presented during early stage discussions last year.

Kabaloev added: “This coordination may be, or these indicators may be seized in a direction or another – that is possible. I think there will be a wide range of discussions,” Kabaloev added.

The initiative to launch the encryption exchange follows the central bank’s proposal last month to allow a limited number of local investors to buy and sell encrypted currencies under a three -year demo system.

The organizer also suggested prohibiting cryptocurrencies between the Russian population outside the experimental framework. Qualified investors may still invest in securities, derivatives and digital financial assets associated with cryptocurrencies, provided that the investments do not include direct transfer of digital assets.

Russia’s edges towards accepting encryption

Russia has a complex relationship with cryptocurrencies. While using Bitcoin and other encrypted currencies for payments, Siluanov previously revealed that Russian companies exceed Western sanctions using cryptocurrencies, including Bitcoin, to settle international trade.

President Vladimir Putin also commented on Bitcoin’s durability, saying that no government can prohibit it effectively. Meanwhile, Russian representatives suggested adding Bitcoin to the country’s reserves to reduce geopolitical risks.