Russia’s Central Bank has recently reportedly proposed to allow stock exchanges to enter the cryptocurrency market as a measure to address the shocking sanctions against the country.
This step is taken to facilitate investors with alternative options for investing in cryptocurrencies. Russia has been under great pressure through tight economic sanctions by Western countries following the conflict between Russia and Ukraine.
Based on the report, the Russian Central Bank put forward this proposal in their party meeting with a group of exchanges, brokers and crypto market players. The Russian Central Bank added that several entities of the Moscow Exchange, the Saint Petersburg Stock Exchange and other officials had met with CBR representatives in secret. Among the contents discussed were on plans to regulate and develop cryptocurrency trading within the legal framework.
The Russian government is reportedly looking into approving comprehensive crypto regulations. Meanwhile, activities such as the issuance of cryptocurrencies and the issuance of tokens will also be covered in this rule.
According to Kommersant, sources revealed that people from among the financial sector who attended the meeting supported the proposed idea. This is seen as a positive sentiment that will increase the case of the use of cryptocurrencies.
Russia’s central bank is likely to gain access to the circulation of cryptocurrencies by converting its trades to a stock market model.
The US government with the Union of other countries is seen as fully committed to aiming to destroy the Russian economy with various sanctions. This has forced Russia to look for other alternatives to develop their economy.
