An official from the Bank of Russia has suggested easing restrictions on cryptocurrencies to address the comprehensive sanctions faced by the country.

According to local news outlet Kommersant on Monday, Vladimir Chistyukhin, the First Deputy Governor of the Bank of Russia, stated that regulators are discussing the relaxation of cryptocurrency regulations. He explicitly linked this effort to the sanctions imposed by Western countries following Russia's invasion of Ukraine in February 2022.

Chistyukhin noted that it is particularly important to relax cryptocurrency rules when Russia and its citizens are restricted from "making payments abroad using normal currencies."

Russia banned the use of cryptocurrencies for payments in the summer of 2020.

Chistyukhin expressed his expectation that the Central Bank of Russia will reach an agreement with the Ministry of Finance on this issue by the end of the month. The core issue being discussed is the removal of the requirement for "super-qualified investors" when it comes to the actual delivery of cryptocurrency transactions. This requirement was introduced when the Ministry of Finance and the Central Bank launched cryptocurrency exchanges in late April.

The super-qualified investor classification, created earlier this year, is defined by a wealth and income threshold of over 100 million rubles (approximately $1.3 million) or an annual income of at least 50 million rubles.

This restricts access to cryptocurrency trading or investment to the wealthiest few in Russian society. "We are discussing the feasibility of using 'super-qualified investors' in the new cryptocurrency asset regulation," Chistyukhin said, which is clearly a shift in attitude towards restrictive regulation.

For years, Russia has been hit by comprehensive sanctions from the West, with U.S. and European regulators increasingly targeting cryptocurrency-based evasion measures.

In late October, the European Union passed its 19th round of sanctions against Russia, including restrictions on cryptocurrency platforms. This also included sanctions on the A7A5 ruble-backed stablecoin, which EU authorities described as "an important tool for funding activities that support aggressive warfare."

Earlier in October, reports indicated that the A7A5, backed by the Russian ruble but issued in the Kyrgyz region, had become the largest non-U.S. dollar stablecoin globally. In August, the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) also re-listed the cryptocurrency exchange Garantex Europe as a sanctioned entity for the second time.

Related: Polish President vetoes harsh crypto bill, conflicting with government stance

Original article: “Russia Considers Easing Cryptocurrency Rules to Mitigate Western Sanctions Impact”

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