The Central Bank of Russia has reportedly proposed to permit stock exchanges to enter the digital assets market, as it deals with staggering sanctions against the country.
This move has come in order to facilitate investors with alternate options to invest in cryptocurrencies. Russia was slapped with strict economic sanctions by the West over its invasion of Ukraine.
Officials appreciate crypto trading offer
According to the report, the Central Bank of Russia made this proposal at a meeting with a group of different exchanges, brokers, and operators dealing with digital assets. It added that some entities of the Moscow Exchange, Saint Petersburg Stock Exchange and other officials met with CBR representatives secretly, All the parties discussed plans to arrange and develop trading of digital assets within the laws framed by the authority.
The Russian government is looking at passing comprehensive crypto regulation. Meanwhile, activities like the issuance of cryptocurrency and suing tokens to raise funds does come under this blanket.
According to the Kommersant, a source has revealed that people from the financial sector who attended the meeting supported the proposed idea. On the other hand, information system operators looked doubtful about the offer. However, it is expected that this will eventually increase the use case of the digital assets. Moscow Exchange Officials like the idea and mentioned taking it ahead.
Will Russia use crypto stock trading to avoid sanctions?
The Russian central bank is likely to gain access to digital assets circulation by turning its trading into the stock market model. The US government with the Union of other countries has been completely aiming to destroy the Russian economy with multiple sanctions. Recently US Treasury Department of Foreign Assets Control asserted that Russia may use its natural resources in order to cultivate cryptocurrency mining. It can be used in various ways to fund the mining process to avoid imposed sanctions.