Russia’s central bank has just proposed a new experiment where only the rich could trade cryptocurrencies.

The plan would introduce an experimental legal regime lasting three years, wherein "particularly qualified" investors would be allowed to conduct cryptocurrency transactions, according to a statement from the central bank.

Under the plan, only high net-worth individuals who has an annual income of more than 100 million rubles would be allowed to participate in the crypto market. Selected institutions such as banks, insurance companies, and investment funds would also be allowed to join the experiment.

The bank emphasized that regulatory requirements would be tailored to address the risks associated with digital assets.

Russia’s Evolving Stance on Crypto

This move marks another shift in Russia’s approach to cryptocurrency. While crypto payments remain illegal, the government has shown increasing openness to the industry—particularly since the country’s invasion of Ukraine triggered heavy international sanctions.

In 2022, President Vladimir Putin signed a law banning digital assets for payments. But the country has since become more open to the industry, especially following the war with Ukraine. By 2023, lawmakers voted to legalize cryptocurrency for international transactions, a move widely seen as an effort to bypass Western financial restrictions.

The Bank of Russia repeated its warning about the volatility and risk of the cryptocurrency market, emphasizing that they are not backed by any jurisdiction. In line with its stance, the central bank proposed banning cryptocurrency transactions between residents outside the ELR and enforcing penalties for violations.

Russia legalising crypto mining

Russia has previously used crypto to evade the sanctions that the U.S and European countries imposed on it after Russia was condemned by the many for starting the war in Ukraine.

President Vladimir Putin also signed two bills last year, legalizing cryptocurrency mining in the country and bringing in an experimental regime on cross-border settlements and exchange trading in digital currency.

During a public forum last year, President Putin also talked about how Bitcoin is a inevitable part of the future financial system

"Bitcoin, who can ban it? Nobody, and who can prohibit the use of other electronic payment instruments? Nobody, because these are new technologies."

Putin’s comments came on the same day that Bitcoin surged past the $100,000 milestone for the first time in history. As of the latest trading session, Bitcoin was hovering near $83,000, down 20% from its all-time high of $109,000.

While Russia’s latest crypto experiment remains tightly controlled, it signals a potential shift in the country’s regulatory approach—one that could redefine its position in the global digital asset landscape.