Russian bank looks to limit the amount of crypto unqualified retail investors can buy 

Quick take

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• According to a proposal published by the bank of Russia earlier this week on the 13th of October, the financial institution is seemingly getting ready to put a limit on the number of digital assets that non-professional investors can buy on an annual basis. 

• According to the proposal, unqualified retail investors will not be allowed to purchase cryptocurrency that is worth more than 600,000 Russian ruble on a yearly basis. This equals around $7800.

According to a proposal published by the bank of Russia earlier this week on the 13th of October, the financial institution is seemingly getting ready to put a limit on the number of digital assets that non-professional investors can buy on an annual basis. 

According to the proposal, unqualified retail investors will not be allowed to purchase cryptocurrency that is worth more than 600,000 Russian ruble on a yearly basis. This equals around $7800.

Interestingly, this new limit will also be relevant to not just digital financial assets but also other digital rights. On top of this, the new restriction will come into effect on the 1st of January next year.

Over the past decade, Russia has had a strange relationship with the world of crypto and blockchain. Some police believe that the country is one of the key places in the world for crypto markets and will be one of the first nations to integrate a fully regulated framework for the nascent industry. But it seems that the government in Russia is focused on restricting cryptocurrency trading and investments in the region.

All over the world, banks are looking into the possibility of developing and releasing their own central-bank digital currency. China seems to be the first nation to get into this sector but the Bahamas is also looking into these assets as well. It seems that Russia is in the production stage of whether or not they should establish a CBDC and how it will be valuable to the nation.

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