Russia is thinking about creating its own crypto bank to fight illegal money transactions and help people who mine cryptocurrency, according to Evgeny Masharov, a member of the Russian Civic Chamber.
Masharov told the state-owned TASS news agency on Tuesday that Russia could follow Belarus and start a crypto exchange through a big bank. He said the plan would “solve a number of current problems” by bringing illegal crypto deals into the legal system, and stopping criminals from using crypto to commit serious crimes.
The crypto bank would let miners and regular citizens cash out their crypto safely. Masharov explained that all payments in the bank must be done in cryptocurrency and that money should only go to the bank accounts of Russian citizens.
“At present, the main business of crypto exchangers is that cash is credited to the wallet of citizens and a commission is charged for this,” he said. This bank could make crypto trading safer and stop fraud because all transactions would be tracked and regulated.
Crypto Market Growth in Russia
Meanwhile, Russia has had a complicated relationship with crypto. The country banned crypto payments in early 2022, but it is slowly opening up to digital currencies. In May, banks were allowed to sell crypto products to accredited investors. In April, plans for a Ruble-based stablecoin were discussed. These steps show that Russia wants to control crypto while still using it to trade internationally.
The new crypto bank could also support crypto miners. Right now, miners have little infrastructure to sell the crypto they produce. Mining is banned in 10 of 46 Russian regions for six years starting January 1.
Seasonal restrictions also exist in busy mining areas to manage electricity use. Despite this, Vyacheslav Kopylov, from local mining company Prostomining, said in June that mining is still growing. Russia’s Blockchain Forum is also showing more mining businesses.
The crypto market in Russia is growing fast. Revenue is expected to reach $2.3 billion in 2025 and $3.9 billion by 2026. By 2026, over 44 million Russians may use crypto, out of 143 million people. Masharov also suggested a government crypto fund using assets taken from criminals.
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