Bitcoin, Ethereum and Tether are among the digital currencies approved.
On Tuesday, the Central Bank of Russia (CBR) announced the cryptocurrencies authorized for public transactions on exchanges. They include Bitcoin, Ethereum and Tether.
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The CBR explained that the selection of these digital currencies was based on the need to “protect unqualified investors from sharp and unpredictable fluctuations in cryptocurrency exchange rates,” meaning they will only be able to access “those with greater liquidity.”
The Eussian monetary authority said unqualified clients will be able to purchase up to 300,000 rubles (US$3,650) worth of these digital assets from specialized intermediaries. Qualified investors, by contrast, will be able to purchase all cryptocurrencies traded on exchanges or other markets without restrictions.
Before beginning transactions, all investors, regardless of their status, will have to undergo tests and learn about the risks of investing in cryptocurrencies, the CBR added.
On Aug. 4, Russian President Vladimir Putin enacted a law regulating the circulation of cryptocurrencies in the country, where the digital ruble has operated alongside traditional forms of payment for three years.
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Russia’s new framework kicks in September 1, capping retail crypto purchases at 300,000 rubles (-$3,500) per year and banning domestic crypto payments. pic.twitter.com/kN2Ml4nwOT
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Digital currencies will now be viewed as assets whose rights merit judicial protection, allowing Russians to legally invest in cryptocurrencies. Those transactions will include purchases made by individuals through intermediaries, as well as activities on stock markets or digital deposits.
Only specialized intermediaries will be allowed to engage in such digital transactions, namely transaction organizers, brokers, asset managers and digital currency exchange platforms.
Under the new law, only Russian companies with capital of more than 15 million rubles US($185,000) that are registered in the CBR’s registry will be allowed to conduct exchange operations, although until July 1, 2017, companies not included on that list will still be able to conduct operations.
Domestic cryptocurrency transactions remain prohibited, meaning such currencies cannot be used to pay for goods, works or services. Russian authorities have also banned advertising transactions involving cryptocurrencies.
Exceptions apply to foreign trade contracts between residents and nonresidents, mining rewards, and the use of cryptocurrencies to purchase shares, other currencies, and digital rights.
teleSUR/ JF
Source: EFE
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