Russian central bank proposes to launch cryptocurrency investment pilot for high net worth investors

On March 12th, according to Coindesk, Russian banks have submitted a proposal for a controlled experiment to the government, allowing a "limited group of Russian investors" to trade cryptocurrencies. According to a statement from the central bank, the plan will introduce a three-year experimental legal regime (ELR), in which "specially qualified" investors will be allowed to engage in cryptocurrency trading. To be considered 'particularly qualified', individual investors need to have investments exceeding 100 million rubles (1.14 million US dollars) or annual income exceeding 50 million rubles (570000 US dollars). Institutions recognized as qualified investors can also trade cryptocurrencies. The plan aims to establish standards for cryptocurrency related services and improve market transparency, while expanding investment opportunities for experienced investors willing to take on higher risks.