Proposal to legalise cryptocurrency investments by the Bank of Russia

The question of a total ban on Russians’ investments in digital assets needs to be reconsidered. The National Financial Association (NFA) has put forward such a proposal, writes Prime.

In its appeal, the organization cites the strategy for the development of the Russian financial market up to 2030, according to which the Russian government and the Bank of Russia plan to counter the use of monetary surrogates because of the high risks to citizens.

At the same time, the NFA reminded that the current investments of Russians in cryptocurrencies are estimated at significant sums, and the proceeds from making trades go to foreign companies and unregistered intermediaries.

Representatives of the organization recommended allowing Russian investors to work with digital financial assets, including cryptocurrencies, through domestic professional market participants without physical delivery. For qualified investors, the NFA proposed creating instruments of collective investment, for example, exchange-traded mutual funds based on cryptocurrencies.

Back in late 2021, the head of the Central Bank of Russia, Elvira Nabiullina, stated that the regulator does not support investments in cryptocurrencies due to their opacity and volatility.

Earlier media, citing sources in the Bank of Russia, reported plans to ban investments in cryptocurrencies.

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