Russia Greenlights Retail Bitcoin Trading with Limits in Place
Russia's central bank has given the green light to Bitcoin trading for retail investors. According to reports, the Bank of Russia has approved cryptocurrency purchases on the country's exchanges, capping them at 300,000 rubles ($3,632) per year.
This move comes as part of Russia's efforts to regulate the crypto space. President Vladimir Putin has spoken about the benefits of Bitcoin and highlighted Russia's advantages in crypto mining. However, using cryptocurrencies to pay for goods is still prohibited in the country.
The selection of allowed cryptocurrencies will be based on their market capitalization, average daily trading volume, and foreign exchange pricing history, which must span at least five years. The top cryptocurrencies, including Tether's USDT stablecoin, will be available for retail investors. Qualified investors, who have no limits on the amount they can trade, will have access to a longer list of digital assets.