Russia Could Launch Crypto Bank to Tackle Fraud and Support Miners

     

Civic Chamber member proposes state-backed exchange through major financial institution

Russia may establish its own crypto-enabled bank to regulate transactions and provide infrastructure for miners, according to Evgeny Masharov, a member of the Russian Civic Chamber. Speaking to state agency TASS, Masharov suggested that Russia should follow Belarus’ example and create a crypto exchange through a major financial institution.

He argued the move would address “shadow transactions,” boost federal revenues, and cut off channels used to fund or recruit citizens for criminal activity.

While Russia banned payments in crypto in early 2022, it has since shifted toward embracing the sector to facilitate cross-border trade and bypass sanctions tied to its war in Ukraine. Financial institutions were permitted to offer crypto products to accredited investors in May, and a Ruble-backed stablecoin was floated in April.

A lifeline for Russia’s miners

Masharov stressed that a crypto bank would also provide much-needed infrastructure for Russia’s mining industry, which currently lacks formal ways to sell mined coins.

Despite regional mining bans and seasonal restrictions introduced this year to curb electricity demand, the sector remains active. Local firms continue to participate in Russia’s Blockchain Forum, underscoring mining’s resilience despite regulatory hurdles.

Fighting fraud with regulation

A state-backed crypto bank, Masharov argued, could help reduce fraud by ensuring all settlements are processed under regulated oversight.

“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 explained.

Masharov has previously called for a government-managed crypto fund holding assets seized from criminal cases, further signaling his push for tighter state control of the sector.

Industry revenue forecast to grow

Despite regulatory uncertainty, Russia’s crypto industry continues to expand. Market revenues are projected to hit $2.3 billion in 2025 and climb to $3.9 billion by 2026.

By then, more than 44 million Russians – nearly one-third of the population – are expected to be active crypto users, highlighting the growing role of digital assets in the country’s economy.