The Bank of Russia continues to assess cryptocurrencies as very volatile and risky instruments, but is ready to take a step forward to build a regulatory environment that allows qualified investors to work with them, said the head of the Central Bank, Elvira Nabiullina.
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"Overall, our attitude towards cryptocurrencies has not changed much: we believe that they are very volatile instruments and are often used for conducting opaque operations. However, we believe that the time has come to take another step in building a regulatory environment to enable particularly qualified investors to make investments in cryptocurrency in the Russian market," she noted.
"We believe that these investments carry increased risks and propose to do this as part of an experiment that will allow us to establish a standard and increase transparency, including assessing the admission of qualified investors and whether anything needs to be changed within the framework of the experimental regime," Nabiullina said during a press conference.
The Bank of Russia, in accordance with the instruction of the President of Russia, has sent proposals for regulating investments in cryptocurrencies to the government for discussion. It is proposed to allow a limited number of Russian investors to buy and sell cryptocurrencies. To this end, it is planned to establish a special experimental legal regime (EPR) for a period of three years.$BNB
