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The Bank of Russia has banned investing in cryptocurrency

The Bank of Russia has banned mutual funds from investing in cryptocurrency

The Central Bank of Russia continues to adhere to a strict policy towards the cryptocurrency industry, officially banning mutual funds from investing in cryptocurrencies such as Bitcoin (BTC).

On December 13, the Bank of Russia published an official statement on the regulation of the investment opportunities of mutual investment funds.

Despite the increase in the number of assets available for investment by mutual funds, the document prohibits fund managers from buying cryptocurrencies, as well as “financial instruments, the value of which depends on the prices of digital assets.”

The statement emphasizes that mutual funds are not allowed to provide cryptocurrency to both qualified and unqualified investors.

Artem Deev, head of analytical department at brokerage company AMarkets, said that there is only one industry-specific exchange-traded fund (ETF) in Russia so far. The fund is operated by stock management company BrokerCreditService and invests in decentralized storage and blockchain companies, including firms such as Jack Dorsey’s Block, PayPal and Broadcom, Deev said.

Sber’s head of asset management, Vasily Illarionov, said their bank is also planning to launch a blockchain-focused ETF. The ETF will be called Blockchain Economics and will invest in stocks associated with blockchain companies. Illarionov noted that the fund does not fall under the restrictions of the Bank of Russia and can be offered to private investors.

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