The Bank of Russia is limiting Bitcoin purchases for unqualified investors next year. Russians who are inexperienced will not be able to buy cryptocurrencies for not more than 600,000 rubles.
October 14, 2020 | AtoZ Markets – Recently, the Russian government enforced new crypto regulations in the country that allows crypto trading but does not allow goods and services in Russia to be priced in it.
Now, the Russian financial mega-regulator, the Bank of Russia, has announced Wednesday that it will significantly limit the purchase of Bitcoin and other cryptocurrencies for inexperienced investors.
Unqualified Russian Bitcoin investors limited to $8K purchase per year
The Financial Technologies Department of the Bank of Russia has developed corresponding draft amendments to the law “On Digital Assets”, which will take effect as from 2021. At the current price, Russians who are financially inexperienced will not be able to buy even one bitcoin.
In the explanatory note seen by AtoZ Markets, the draft directive of the Bank of Russia says:
“On the signs of digital financial assets, the acquisition of which can only be carried out by a person who is a qualified investor and is not a qualified investor, can be carried out only within the limits of the amount of funds established by the Bank of Russia.”
The bank has established a limit on the acquisition of Bitcoin by an individual who is an unqualified investor to 600,000 Rubles (currently $7,800) in a year. It is worthy of note that this limit of $7,800 does not even reach the cost of one bitcoin that currently trades at $11,400.
In recent years, the value of the Russian ruble has continued to drop. This apparently suggests that the amount of the potential crypto investment limit could devalue in the future. When the Bank of Russia initially suggested the 600,000 ruble Bitcoin purchases limit back in 2019, the amount was worth about $9,100.
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