The Bank of Russia is advancing plans to test cross-border cryptocurrency transactions for a select group of investors. The central bank is contemplating legislative amendments to create a category of “particularly qualified investors” who would be authorized to engage in cryptocurrency trading as part of the country’s exploration into using digital currencies for international transactions.
In an interview with Izvestia on August 26, Alexey Guznov, the Bank of Russia’s state secretary and deputy governor, revealed that the central bank is deliberating over the potential inclusion of a specialized group of investors in the cryptocurrency market. Guznov emphasized that while discussions are underway, a comprehensive analysis of potential risks is crucial before any decisions are made.
“There is currently a discussion about allowing a limited group of particularly qualified investors to trade digital currencies, enabling them to buy and sell such assets. However, this is a topic for the next stage. In the meantime, all potential risks need to be thoroughly analyzed,” Guznov stated.
The legal framework for these investors is not yet established, but the central bank is considering legislative changes to define this new category. Additionally, the central bank is open to the use of stablecoins for international trade if they meet specific criteria. Guznov noted that stablecoins backed by an obligated party and resembling digital financial assets could be used for cross-border transactions under existing laws. However, algorithmically managed stablecoins without backing would be classified as cryptocurrencies and require a special experimental regime for international use.
Guznov’s comments follow reports that Russia may set up at least two domestic crypto exchanges, potentially leveraging the infrastructure of traditional stock exchanges in Moscow and Saint Petersburg. These exchanges would primarily focus on developing stablecoins, including those pegged to the Chinese yuan and a basket of BRICS currencies, rather than facilitating general crypto trading.
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