- Russian Civic Chamber representative urges the creation of a national crypto bank.
- The proposed bank would help legalize crypto transactions and support miners in cashing out earnings.
- Officials aim to reduce illicit activities and increase federal income with this initiative.
- Despite regulatory challenges, Russia‘s crypto industry revenue is expected to grow to $3.9 billion by 2026.
- The number of crypto users in Russia may surpass 44 million by the end of 2026.
Evgeny Masharov, a member of the Russian Civic Chamber, has called for the establishment of a crypto-enabled bank in Russia to combat illegal transactions and help cryptocurrency miners access the financial system. This move would involve creating legal infrastructure for crypto operations and follows similar steps taken by Belarus.
Masharov told state news agency TASS that a crypto bank would address ongoing issues by transitioning “shadow transactions” into legal channels and providing additional revenue for the federal budget. He also cited reducing crime financing as one of the key benefits.
The proposal comes after Russia banned crypto payments in early 2022 but has recently shown increased openness to using cryptocurrency as the country looks for ways to engage in international trade amid sanctions related to its actions in Ukraine. In May, Russian financial institutions were allowed to offer crypto-based products to accredited investors, and authorities have discussed launching a stablecoin tied to the ruble.
Masharov said a crypto bank would give miners a way to sell their digital assets, a service that is currently lacking in Russia. Despite a ban on mining in 10 out of 46 regions for the next six years and seasonal restrictions to control energy use, mining activity continues, according to local crypto mining firm Prostomining. The Russian Blockchain Forum now includes more businesses involved in the crypto mining sector.
Masharov also argued that a regulated crypto bank would help prevent financial fraud by overseeing transactions. “In this case, settlements in the said bank must be made in cryptocurrencies, and funds must be credited only through the current accounts of Russian citizens,” he said. He added that the main activity of existing crypto exchangers is to credit cash to users’ wallets, often for a commission.
In March, Masharov proposed the creation of a government fund that would manage crypto assets confiscated from criminal proceedings. According to projections cited by Statista, Russia’s crypto sector is expected to reach $2.3 billion in revenue in 2025, rising to $3.9 billion in 2026. The number of Russian crypto users is expected to climb to over 44 million by 2026, out of a total population of 143 million. For more details, see the full report on this statistical outlook.
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