Russia's central bank has introduced a proposal that would permit high net-worth individuals to buy and sell cryptocurrencies during a trial phase spanning three years. The criteria for participation will include individuals who have investments exceeding 100 million rubles (around $11.5 million) or an income of more than 50 million rubles ($5.7 million) in the past year. This initiative aims to create a regulatory framework that acknowledges the risks associated with cryptocurrencies. Institutions classified as 'qualified investors' will also be involved in this testing phase. Despite this openness, the use of cryptocurrencies as a method of payment remains prohibited in Russia, as the bank considers them volatile and lacking jurisdictional guarantees. Moreover, regulations regarding cryptocurrency mining have been established following Russia's reaction to sanctions linked to its actions in Ukraine. The central bank views this as a step toward increasing market transparency while expanding investment opportunities for experienced investors willing to accept greater risks.

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