Central Bank of Russia opposes non-qualified investors’ access to cryptocurrencies

The Central Bank of Russia is categorically opposed to the entry of non-qualified investors into the Bitcoin market. This was stated at the conference “Financial Market-2022. New Goals in New Realities” by Vladimir Chistyukhin, the Bank of Russia’s first deputy chairman.

According to him, the central bank maintains a firm position that in Russia the risks from legalising cryptocurrencies will be far greater than the potential benefits.

Deputy Finance Minister Alexei Moiseev said that the ministry agrees with the central bank in the assessment of cryptocurrencies as highly speculative and risky assets, and also regarding ban on settlements in such assets.

He noted that cryptocurrency does not fall under the category of securities, and therefore it is worth considering “even stricter restrictions than those currently in place for non-qualified investors”:

“Within the limits, I would propose to cut the purchase limit in half—to 50,000 rubles.”

Earlier, the Ministry of Finance spoke of plans to cap the amount for investments in cryptocurrencies by non-qualified investors at this level.

The central bank does not support such a proposal:

“I believe these restrictions are unwarranted, not in the sense of 50,000 rubles or 160,000 rubles, but that, in principle, non-qualified investors should have no involvement with cryptocurrencies on the territory of the Russian Federation”

Earlier, the Ministry of Finance assert that the proposed concept for regulating cryptocurrencies takes into account all the risks voiced by the central bank.

The two ministries have not been able to reach a consensus on Bitcoin-market regulation so far. The government has instructed the Finance Ministry and the central bank to present a bill on this matter by February 18.

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