The Russian central bank is taking steps towards legalizing cryptocurrency trading for select investors in the country. In a recent announcement, the Bank of Russia proposed a new experimental regime that would allow a limited group of investors to buy and sell cryptocurrencies like Bitcoin (BTC).

This move comes after the bank received instructions from the President of Russia to regulate investments in cryptocurrencies. The proposal suggests that investors with at least $1.1 million in securities and deposits would be eligible to participate in the experimental regime. However, the bank also plans to introduce penalties for any crypto transactions that fall outside of this regime.

It’s important to note that while the Bank of Russia is considering allowing crypto trading for wealthy investors, the ban on using cryptocurrencies for payments in the country remains in place. This ban was put into effect earlier this year as part of Russia’s first crypto law, “On Digital Financial Assets.”

The central bank reiterated its stance on cryptocurrency as a means of payment, stating that it still does not consider it as such. As a result, the proposal also includes a ban on settlements between residents for transactions involving cryptocurrency outside of the experimental legal regime. The bank also plans to establish penalties for those who violate this ban.

It’s worth noting that this is a developing story, and more information will be added as it becomes available. The Bank of Russia’s proposal is still subject to government discussion and approval before it can be implemented.

In the meantime, the Russian government remains firm on its stance against using cryptocurrencies for payments. This move is in line with the country’s efforts to regulate and control the use of digital assets within its borders. As the situation continues to evolve, it’s important to stay updated on any further developments.