Russia Considers a National Crypto Bank to Support Miners and Fight Fraud

Russia is considering the creation of a national crypto bank. Announced goal: to regulate transactions, support the mining sector, and strengthen control over financial flows. This proposal comes in a context of seeking monetary sovereignty, facing a booming crypto market. All the details below !

A tool to legalize flows and contain crypto fraud

The idea of a banking institution dedicated to crypto-assets comes from Evgeny Masharov, a member of the Russian Public Chamber. Specifically, he suggests to replicate the Belarusian model which already regulates these activities through its technology parks.

In Russia, volumes from the grey market would reach several billion rubles. The future crypto bank would therefore allow these flows to be integrated into the legal economy. But not only that ! It would also increase the country’s tax revenues.

Masharov clarifies however that only Russian citizens could fund their accounts in rubles. Also, the institution would operate only through official channels.

Another key mission: to fight against fraud related to illegal crypto platforms and laundering via ” droppers “.

An economic and strategic response to sanctions

This crypto-bank would also aim to reduce dependence on Western banking networks, especially for cross-border payments. Coupled with a stablecoin project indexed to the ruble, it would strengthen the country’s financial autonomy.

Masharov also sees it as a lever to support the local mining industry, still active despite regional restrictions. Due to lack of legal sales channels, Russian miners often resort to unofficial circuits. A dedicated institution would therefore provide a compliant framework to convert their assets.

The lack of infrastructure and current regulatory constraints however limit the immediate feasibility of the project. Its realization will depend on alignment :

• political ;
• technical ;
• legislative.

Between the desire for control and economic strategy, Russia is thus exploring a new model to integrate cryptocurrencies. If the project progresses, it could redefine relations between the State, technology, and finance in the country. To be continued…