Crypto advocates welcome Russian central bank’s retail investor turnaround

Core Viewpoint - The Russian central bank has shifted its stance on cryptocurrency regulation, allowing retail investors to buy Bitcoin and other major tokens, which marks a significant change from its previous position advocating for a ban on cryptocurrencies [1][2]. Group 1: Central Bank's New Position - The central bank is now taking a more balanced approach, maintaining that cryptocurrencies are high-risk instruments and cannot be used for domestic transactions, but it has not advocated for a complete ban [2][4]. - The central bank's change in policy may enable major commercial banks to start offering crypto trading services to their customers [3]. Group 2: Investment Access and Limits - The central bank plans to allow both qualified (high-income individuals and professional investors) and unqualified (retail) investors to purchase cryptocurrencies, with specific limits on annual investments [4][5]. - Retail investors will have access to the most liquid cryptocurrencies after passing an eligibility test, with an annual investment cap set at just over $3,800 [5][6]. Group 3: Ongoing Risks and Considerations - Despite the new regulations, the central bank continues to classify cryptocurrencies as high-risk instruments, emphasizing their lack of jurisdictional backing and susceptibility to volatility and sanctions risks [6].