Russia’s central bank has unveiled new rules governing Bitcoin (BTC) and other cryptocurrencies.
The new rules are said to be a softening toward cryptocurrencies on the part of Russia’s central bank. However, it continues to caution that investing in digital assets is risky.
“They (crypto) are not issued or guaranteed by any jurisdiction and are subject to increased volatility and sanctions risks,” said Russia’s central bank in a news release.
While the central bank has formally recognized crypto as “monetary assets,” it continues to ban the use of cryptocurrencies and stablecoins for domestic payments within Russia.
The central bank had previously acknowledged widespread crypto use but refused to recognize digital assets as legitimate.
Now, ordinary Russians can trade cryptocurrencies through regulated platforms. Investors can purchase about $3,300 U.S. worth of crypto per year provided they pass a risk‑awareness test.
The new rules also grant legal status to crypto services offered by Russia’s existing financial institutions, including exchanges, brokerages and asset managers.
However, cryptocurrencies such as Bitcoin cannot be used for everyday purchases or transactions, according to Russia’s central bank.
Somewhat ironically, Russia’s government is reported to be using cryptocurrencies to evade sanctions imposed after its military invasion of Ukraine.
At the same time, Russian state hackers are reported to be among the biggest crypto thieves in the world, along with North Korea and China.
Bitcoin is currently trading at $87,350 U.S., having declined 7% this year.
