Russia may soon take a major step toward formalizing its crypto economy. Evgeny Masharov, a member of the Russian Civic Chamber, has suggested the country establish its own crypto bank.
Speaking to state media, Masharov argued that such a bank would help bring “shadow transactions” into the legal system, boost federal tax revenues, and reduce fraud linked to unregulated crypto activity. The idea of a crypto bank follows the example of Belarus, which is already working on building its own crypto-focused banking framework.
Crypto Miners at the Center of the Debate
The proposal also directly targets Russia’s crypto mining industry, which remains one of the largest in the world despite regional restrictions. Currently, miners in Russia lack official infrastructure to convert their digital earnings into local currency, pushing many toward unregulated markets.
Masharov said a state-backed crypto bank would provide miners with a secure and legal way to sell their mined assets, addressing one of the industry’s most pressing challenges. “This will solve a number of current problems,” he noted, including limiting criminal activity that exploits gaps in existing regulation.
From Ban to Banking: Russia’s Changing Stance
If approved, the move could mark a shift in Russia’s stance on digital assets. While the government banned crypto payments in 2022, it has gradually opened the door to limited use cases, such as permitting crypto products for accredited investors and even floating a ruble-backed stablecoin earlier this year.
Analysts say that a regulated crypto bank could further integrate digital assets into Russia’s financial system while still allowing the government to maintain oversight. With the Russian crypto industry projected to generate nearly $4 billion in annual revenue by 2026, the debate over how to regulate and support the sector is becoming harder to ignore.
JUST IN: Russian State Duma Deputy Anton Tkachev proposed creating a strategic #Bitcoin reserve in Russia, RIA Novosti reports 🇷🇺 pic.twitter.com/PlwSp24RvF
— Bitcoin Magazine (@BitcoinMagazine) December 9, 2024
Why It Matters Beyond Russia
Globally, Russia would not be alone in exploring crypto banking solutions. Countries like Kazakhstan and the United Arab Emirates have experimented with creating regulated hubs for miners and digital asset firms.
If Moscow follows through, it could signal a broader shift: governments seeking to tighten control over crypto flows while also embracing the sector’s economic potential.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
Copyright Altcoin Buzz Pte Ltd.
The post Russia Could Launch Crypto Bank for Miners appeared first on Altcoin Buzz.
