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 proposal by the Bank of Russia reflects a cautious approach towards cryptocurrency regulation, aiming to limit access to trading while maintaining control over the use of digital assets within the country. It will be interesting to see how these restrictions impact the crypto market and investor behavior in Russia.