Russian Central Bank seeks to ban cryptocurrency, except for wealthy
www.pravda.com.ua
Thu, 13 Mar 2025 17:00:20 +0200
The Central Bank of Russia has proposed restricting cryptocurrency transactions to particularly qualified investors who possess over RUB 100 million US1.1 million in securities or have earned more than RUB 50 million US560,000 per year.
Source The Moscow Times Details For other citizens, cryptocurrency transactions may be prohibited, with penalties introduced for violations. The regulator reaffirmed that the Central Bank of Russia still does not consider cryptocurrency as a means of payment.
It also plans to ban crypto transactions between Russian residents and impose regulatory requirements on financial institutions seeking to invest in digital assets.
Since 1 September 2024, Russia has allowed international settlements in cryptocurrency under an experimental legal framework.
However, in late November, Vladimir Putin signed a law recognising digital currencies as taxable property.
Additionally, Russia legalised cryptocurrency mining on 1 November 2024, with new tax regulations for miners taking effect in 2025.
However, the government has banned mining in the North Caucasus republics and occupied territories of Ukraine.
Background Stablecoin issuer Tether recently froze RUB 2.5 billion US28 million worth of USDT on the Russian cryptocurrency exchange Garantex, forcing the platform to suspend operations. Support Ukrainska Pravda on Patreon
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