Bank of Russia opposes mutual funds’ investments in cryptocurrencies

The Bank of Russia plans to ban mutual funds (PIFs) from investing in digital currencies. The measure is described in Bank of Russia’s draft guidance.

The document also sets out a ban on investments by PIFs, including those intended exclusively for qualified investors, in financial instruments whose value depends on the prices of digital currencies.

The central bank said the measure is intended to protect investors’ rights.

The draft has been published for consultation, with comments due by December 27.

In July, the Bank of Russia recommended exchanges not to allow trading of instruments tied to cryptocurrencies. At that time, the regulator also advised asset managers not to include such assets in mutual funds.

In September, the central bank said it would not facilitate the access of non-qualified investors to Bitcoin, and in December it opposed financial companies providing cryptocurrency-transaction services.

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