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Things are about to get a lot harder for unqualified Bitcoin investors in Russia

Things are about to get a lot harder for unqualified Bitcoin investors in Russia

Quick take

1 minute read

  • As a beginner investor in Russia, you may find it difficult in the near future. 
  • Soon, investors will find themselves with fewer options in order to beat the constantly crashing interest rates offered at Russian saving accounts. 

As a beginner investor from Russia in Bitcoin or any other crypto, you may find it difficult in the near future. Soon, investors will find themselves with fewer options in order to beat the constantly crashing interest rates offered at Russian saving accounts. On top of this, trading applications such as RobinHood will lose out big-time as a part of this.

According to an announcement last week on the 30th of December, the central bank of Russia is looking at getting security trading platforms to comply with the “risk reduction“ measures which were first given the green light in July.

According to the latest announcement, the Russian Central bank is recommending that security platforms and applications have systems to "secure the impossibility of executing on-platform trades resulting in the acquisition of stocks or other securities from foreign issuers by unqualified investors.”

The Bank seems to be preventing companies from providing “complicated investment products“ to unqualified investors on the basis that these businesses are offering guaranteed returns of at least 2/3 of the central bank's key rate.

There are a lot of doubts surrounding this though that this will genuinely protect investors. Towards the end of last year in October, the bank in a similar vein issued guidance to limit unqualified investors from buying more than 600,000 rubles Worth cryptocurrency in a year. This guidance was a part of an explanation on the country's law “on digital financial assets” which came into effect in the New Year.

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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