The Central Bank of Russia is considering a new experimental regime to legalize cryptocurrency transactions for a limited number of Russian investors. On March 12, the Bank of Russia proposed to allow "a limited group of Russian investors" to trade cryptocurrencies like Bit (BTC). At the request of the President of Russia, the Bank of Russia has submitted a proposal to the government on the management of investments in cryptocurrencies.

This proposal may legalize cryptocurrency transactions for investors holding at least 1,100,000 USD in securities and deposits. The Bank of Russia also proposed to impose penalties for cryptocurrency transactions outside this regime. While considering accepting changes in the management of cryptocurrency investments by wealthy investors, the central bank still emphasizes that Russian residents are not allowed to use cryptocurrencies for payments.

The ban on the use of cryptocurrencies like Bit (BTC) for payment purposes in Russia is part of the country's first cryptocurrency law, "On Digital Financial Assets", which came into effect in January 2021. In the new proposal, the central bank states: "The Bank of Russia still does not consider cryptocurrencies as a means of payment. Therefore, the proposal prohibits payment transactions between residents with cryptocurrencies outside the legal experimental regime, as well as establishes liability for violating the ban."

This is a developing story and information will be updated as available.