Russian government seeks action to settle differences with cryptocurrency market

From the first day that Russia decided to initiate a war with Ukraine, the idea that an escalation of economic sanctions could be initiated did not seem far-fetched, in theory Western states would react as indeed they did, this if we consider the pool of economic and financial sanctions that have been imposed on Russia.

However, beyond the fact that the Russians had a powerful and modernized armed force backed by a multi-million dollar budget that exceeded that of the Ukrainians, the sanctions element in one way or another hit the classic structures that sustain the Russian economy.

In this sense, and in the face of the international economic siege, Russia has been changing its mind by starting to show support for cryptocurrencies, to the point of accepting payments in cryptocurrencies for the purchase of oil and gas, with the outcome of also accepting payments in cryptocurrencies for the loan of international goods and services.

All of the above has not been a simple issue for the Russian state since it has encountered resistance in the classic structures that support its economy, however, recently the Central Bank of Russia, seeking a maneuver to give space to cryptocurrencies, offered the stock exchange the possibility of operating this market.

According, as published by the Russian newspaper Kommersant during a private meeting with brokers, operators of the Moscow Stock Exchange and SPB Exchange and a group of companies related to cryptocurrency industry companies, the financial institution proposed to discuss a new plan to organize trading of digital assets.

Therefore, it is intuitive that in the current socio-political scenario of the Russian government everything seems to point to the fact that its actions are aimed at settling differences with the cryptocurrency market, which would allow Russian citizens to carry out operations linked to digital currencies only through banks, using a bank account.

News.Bitcoin Bank of Russia Seeks to Allow Stock Exchanges to Trade Digital Assets. Link

The cover image was designed by the author: @lupafilotaxia, incorporating image: Cryptopolitan