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Russia’s central bank, the Bank of Russia, is considering changing the law to introduce a new category of highly qualified investors.

This will allow these investors to trade crypto as the country explores the use of crypto for cross-border transactions. Citing crypto.news, Monday (8/26/2024), in an interview published on Monday, August 26, 2024, in the Russian newspaper Izvestia, Deputy Governor of the Bank of Russia, Alexey Guznov indicated a possible change in the country’s attitude towards crypto.

Guznov said the central bank is considering the possibility of allowing a small group of highly qualified investors to participate in crypto buying and selling.

“There are discussions now about allowing a small group of highly qualified investors to trade digital currencies that would allow them to buy and sell those assets,” he said.

He said this is a topic for the next stage. In the meantime, all potential risks need to be thoroughly analyzed.

Currently, there is no legal framework defining these investors, but the central bank is reportedly considering legislative changes to establish this category.

The central bank also expressed openness to the use of stablecoins for international trade, provided they meet certain criteria. Guznov said that if stablecoins are backed by a responsible party and resemble digital financial assets – centralized and tokenized assets issued in Russia – they can already be used for cross-border settlements under current legislation.

However, algorithmically managed stablecoins without a backing entity will be treated as crypto and will require experimental rezin for cross-border use.

Guznov’s remarks come shortly after reports emerged that Russia is considering the creation of at least two domestic crypto exchanges, potentially leveraging the infrastructure of traditional stock exchanges in Moscow and Saint Petersburg. However, the main goal of these exchanges would not be to facilitate crypto trading, but to develop stablecoins, including ones pegged to the Chinese yuan and a basket of BRICS currencies.