Russia is Thinking of Starting a State Crypto Bank
Evgeny Masharov, a representative of the Russian Civic Chamber, stated that Russia may soon create a crypto-enabled state bank.
In a communication to state media TASS, Masharov said that the national crypto bank could regulate opaque transactions, cut off financial networks of criminals, and add to federal revenues.
According to Masharov, Belarus has already built a cryptocurrency infrastructure with state involvement to manage its digital economy.
Masharov maintains that such a bank could help in solving many important issues such as fraud and strengthening the federal budget.
Why a Crypto Bank Matters for Russia’s Miners
According to Masharov, Russia’s crypto mining industry currently lacks legal infrastructure for selling and exchanging digital assets.
Although Russia imposed a ban on crypto mining in 10 regions to cut energy demand, miners remain active. Experts in the industry claim the sector is thriving despite restrictions.
A recent crypto forum saw an increasing number of miners attending. According to Vyacheslav Kopylov of Prostomining, this is indeed the case.
A specialized crypto bank could help miners legally convert digital earnings into Russian rubles and reduce reliance on unregulated crypto exchanges.
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Fighting Fraud Through Regulation
The proposal was presented as a measure against fraud and money laundering, said Masharov.
According to him, a state-run crypto bank would track all transactions and attach them directly to the bank accounts of Russian citizens.
“Currently, except for some trusted exchangers, almost all charge fees to credit funds to your wallet. A regulated bank could change that,” Masharov explained.
His proposal from March also suggested forming a government crypto fund using confiscated cryptocurrencies from criminal cases.
Russia’s Crypto Market Set for Billions in Growth
Russia’s cryptocurrency market is not slowing down despite sanctions, restrictions, and regulatory uncertainty.
By 2025, market revenue is projected to rise to $2.3 billion, reaching $3.9 billion in 2026. By then, more than 44 million Russians — almost a third of the population — are expected to be involved in cryptocurrency.
