Russia caps cryptocurrency investments

by Jonathan Adams

The Central Bank of Russia determined the limit as 600,000 Russian rubles ($ 7800)

The Central Bank of Russia announced that some investors set limits on cryptocurrency investments. Stating that this application is especially for non-professional investors, the bank determined the limit as 600,000 Russian rubles.

Officials at the Central Bank of Russia made a statement regarding the limit placed on cryptocurrency investors, referring to the recently adopted law named “On Digital Financial Assets (DFA)” (About Digital Financial Assets). The note, targeting unprofessional investors, stated that the limit will include not only digital assets but also other digital rights.

According to the official statement, non-professional investors will be entitled to a maximum of 600,000 rubles ($ 7800) of digital assets annually. In other digital rights, 600,000 rubles are also set as a limit. It was noted that this new decision was not included in the DFA law. The DFA law adopted by Russia will come into effect completely on January 1, 2021. While the law legitimizes cryptocurrency investments, it also prohibits the use of cryptocurrencies such as Bitcoin as payment method. Before the law officially entered into force, the central bank also stated that it will accept feedback and suggestions on the issue between 13 and 27 October 2020.

It is also said that the Russian ruble, which has been weakened recently, may lead to new devaluations in crypto money investments in the future. The proposed digital asset limit in 2019 was also equal to 600,000 rubles. However, based on the value of last year’s ruble, the limit was 9,100 dollars. With the depreciation of the ruble in 2020, this figure declined to $ 7,800.

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