Bank of Russia approves crypto trading starting Nov. 17

Bank of Russia sets November 17th, uh, which also happens to be my 50th birthday.

Thanks Russia. Start for crypto trading rules with 300,000 ruble cap.

Bank of Russia crypto trading rules take effect November 17th, capping retail purchase of 300,000 rubles per intermediary and requiring investor testing.

So, they've approved, the Bank of Russia has approved Bitcoin, Ether and USDT for non-accredited investors. There's a test that you can take, or if you are an accredited investor, you have a larger cap.

So we've got three approved tokens but a homework assignment before you can buy any of them.

300,000 rubles is only about $3,600, folks.

So this is a very, very, very limited cap, but investors who pass the test can do that. But if you're a qualified investor, which I assume is the equivalent of an accredited investor in the United States, you can access these crypto assets without those purchase restrictions.

So this is interesting because this is, you know, basically the Bank of Russia, a central bank that is approving the trading officially of crypto assets.

The Russians have been schizophrenic, much less the Chinese or other countries. You seem to get a headline every day. It's like, crypto banned, crypto being used to evade sanctions, crypto adopted but only for accredited, crypto banned for accredited, like the the never-ending flip-flopping news.

And I would imagine a lot of that is because we don't really get clear news uh out of Russia as to what's happening.

But this definitely is and this is at the highest level. So, even though the caps are small and you have to take a test, I think this is probably uh very good news for crypto enthusiasts in Russia.