Russia’s central bank has suggested setting caps on the country’s annual crypto-currency investments by non-professional investors. The central bank indicated that it should not be possible to allow unqualified investors in Russia to invest more than 600,000 Russian rubles ($7,800) per year in digital assets. In an explanatory note referring to Russia’s newly adopted crypto rule, “On Digital Financial Assets,” or DFA, the Authority laid out the latest proposal.

Next year, the new restrictions will be enforced starting

The central bank’s official statement stipulates that not only digital financial assets but also other digital rights would be involved in the new regulatory constraint. The report notes that the number of digital financial assets for annual purchases would be limited by individuals representing unqualified investors to a total of 600 thousand rubles.

For unqualified investors who possess digital financial assets and other digital rights, the cap for obtaining digital rights is set at 600 thousand rubles for digital financial assets and 600 thousand rubles for other digital rights. In conjunction with Russia’s DFA law, this new restriction will be enforced starting next year.

The central bank of Russia had admitted that they can’t ban bitcoin

There are currently no specific regulations relating to cryptocurrencies in Russia. The Central Bank of Russia, however, has in the past expressed its support for the ban on all cryptocurrencies in the country. The central bank has acknowledged, as previously stated, that it is really difficult to ban Bitcoin and cryptocurrencies.

Alexei Guznov, Director of the Bank of Russia’s Legal Department,
said that a ban on bitcoins and cryptocurrencies was impossible. The central bank has, however, consistently come out in favor of the cryptocurrency prohibition.

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