Cryptocurrency

Central Bank Of Russia Will Limit Bitcoin Investors To Buy Only $7,800 Max Annually

Russia is doing it again by having a bothersome idea for the local crypto industry advocates. Russia’s Central Bank announced another plan to place an annual capital of around $7,800 (BTC 0.68) crypto purchases for everyone in the nation, shutting authorized investors.


In an official statement, the Central Bank recommended that the new capital should come into effect from January 1, 2021, when the nation’s very fundamental crypto-related law is promulgated.

Moscow-based crypto finance advisor Dmitriy Zaikov told CNWN,

“How on Earth does the Central Bank think it is going to be able to enforce this measure? I don’t think they understand how many ways Russians have to buy crypto. Trying to keep track of possible offenders would be an administrative nightmare. I’m guessing this idea gets shelved or at least amended significantly.”

The Central Bank wrote that both “digital financial assets” and “other digital assets” would be included in its cap – meaning that tokenized securities and stablecoin holdings, as well as cryptoassets like bitcoin (BTC), would count toward the total.

No proposed limits were set on the amount professional investors would be allowed to invest in crypto, tokenized securities, or stablecoins.

At present, the measures are only proposals – and the Central Bank said it is willing to listen to feedback on the matter until October 27.

The Central Bank and its governor Elvira Nabiullina remain the clamourous anti-crypto vote in Moscow.

Though, as stated, after last year repeatedly believe that there was “no reason” to start a crypto-ruble, the Central Bank released an advisory report on central bank digital currencies (CBDCs), saying that while it’s early to discuss a potential timeline for the digital ruble, it is already necessary to start discussions on the matter.

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