The Bank of Russia has proposed a three-year experimental legal framework that would allow a limited group of investors to trade cryptocurrencies, marking a potential shift in the country’s digital asset regulations.

The central bank announced on March 12 that it had submitted proposals to the Russian government for discussion. The initiative would grant access to crypto trading to investors who hold at least $1.1 million in securities and deposits.

“The Bank of Russia still does not consider cryptocurrency as a means of payment. Therefore, it proposes to also introduce a ban on settlements between residents on transactions with cryptocurrency outside the experimental legal regime, as well as establish liability for violating the ban.”

This experimental legal framework proposed by the Bank of Russia shows a cautious approach towards allowing cryptocurrency trading, limiting it to a specific group of investors. The focus on high financial thresholds and restrictions on cryptocurrency as a means of payment indicate a desire to control and monitor crypto activities within the country. It will be interesting to see how this proposal evolves and its impact on the Russian digital asset landscape.