• April 23, 2024

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Russian Ministry of Finance Proposes Limit on Crypto Investments

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The Ministry of Finance of Russia has just proposed to set a limit on investments in cryptocurrency for novice investors in the amount of 50 thousand rubles and the Bank of Russia has responded to the proposal of the Ministry, Forbes has reported.

The regulator believes the limit of 50 thousand rubles for novice crypto-investors will not reduce the risks of investing in this sector, and participation in the turnover of digital money regulated financial institutions will create an “illusion of state protection” for people. Instead of introducing a limit, the central bank has proposed to prohibit the circulation of digital assets.

On February 15, First Deputy Chairman of the State Duma Committee on Security and Anti-Corruption Andrey Lugovoy said the Russian government is not considering the option of banning cryptocurrencies in the country.

RBC-Crypto experts explained whether the Russian authorities will set limits on investments in cryptocurrency and what consequences this may have for Russians.

Boris Romanov, attorney at AB S&K Vertical, said:

“The proposal of the Ministry of Finance is aimed at restricting access to the purchase of cryptocurrency for small investors-individuals. Since the topic of cryptocurrency is relevant and is constantly on the ear, there is interest in the purchase of cryptocurrencies by ordinary citizens who are not constantly active in the stock or crypto markets. Such individuals often purchase assets for less than 50 thousand rubles.”