The Central Bank of Russia has drawn a limit on how many cryptocurrencies retail investors can buy per year, and stated that at current rates this is less than 1 BTC.
As you can see, Russia’s relationship with cryptocurrencies and blockchain-based technology is undoubtedly somewhat turbulent. While the country appears to support the emerging technology behind digital currencies, it is taking steps to limit their use as much as possible.
$ 8,000 Cryptocurrency Per Retail Investor
According to a new statement referring to a newly enacted law on cryptocurrencies, the country’s central bank has proposed setting limits on annual investments that retail investors can make.
The Russian Central Bank argues that retail investors should not invest more than Ruble 600,000 each year, worth about $ 7,800, at today’s rates.
However, this is not only for cryptocurrencies; It should be noted that it also refers to “other digital rights”. It also states that the Central Bank of Russia has certain regulatory competencies regarding the Digital Financial Assets (DFA) law.
Russia and Cryptocurrencies
Taking into account several radical and different practices earlier this year, the country passed the cryptocurrency bill in July.
There is a lot of confusion regarding the legislation. For example, there are proposals to legalize cryptocurrency mining for currencies like Bitcoin and Ethereum. However, the problem arises that miners get their rewards for being paid with the cryptocurrency they earn.
Speaking on the matter, Dmitry Zakharov, CEO of Moscow Digital School, said:
“THIS DRAFT DOES NOT SIGN GOOD FOR MINERS, BECAUSE IT IS NOT CLEAR HOW THEY CAN BE PAID.”
But in August this year, Russia’s largest state bank, Sberbank, partnered with S7 Airlines, the country’s second largest airline that sells airline tickets through blockchain-backed monetary transactions.