Bitcoin

Bitcoin Daily: Russia Wants Cap On Retail Crypto Investments; Public Company Crypto Holdings Top $6.8B

Bitcoin Daily: Russia Wants Cap On Retail Crypto Investments; Public Company Crypto Holdings Top $6.8B

The central bank of Russia is seeking to place a yearly cap on the amount of cryptocurrency that retail investors can purchase, CoinDesk reported.

Non-qualified investors wouldn’t be able to purchase over 600,000 rubles (approximately $7,740) per a proposal that the Bank of Russia released. However, investors who are considered to be qualified would not have to adhere to the cap.

Investors need a net worth of over 6 million rubles (approximately $74,400) or have an economics degree to be a qualified investor. Alternatively, an investor could trade sizable amounts of investments on a usual basis, have more than two years of experience at a financial organization or hold over $74,400 in securities to meet the requirement.

The bank foresees receiving public input on the idea up to Oct. 27. As it stands, Russia has ratified legislation regarding digital securities issuance.

Russia’s primary financial regulator has increased its efforts in terms of digital assets lately. For its part, the Bank of Russia recently put forward a report on a possible central bank digital currency (CBDC) rollout.

In separate news, public firms have nearly $7 billion in bitcoin holdings, Cointelegraph reported.

Grayscale, an asset management firm, reportedly has 449,596 bitcoin under its control, while CoinShares reportedly has 69,730.

MicroStrategy reportedly has 38,250 bitcoin, while Galaxy Digital reportedly manages 16,551 bitcoin.

“Bitcoin is the first digital monetary system capable of storing all the money in the world for every individual, corporation and government in a fair and equitable manner, without losing any of it. If that's not intrinsically valuable, what is?” MicroStrategy Founder, Chairman and CEO Michael Saylor said on Twitter in a reply to a tweet by Barry Silbert about the Bank of England's view on bitcoin.

Silbert is the founder and CEO of the Digital Currency Group, which is the parent of Grayscale.

As PYMNTS reported previously, MicroStrategy was the first public company to invest most of its treasury in the digital currency in the summer.

“We feel pretty confident that Bitcoin is less risky than holding cash, less risky than holding gold,” Saylor previously said.

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