Russia needs its own crypto-enabled bank that will help fight forbidden transactions and support miners by providing infrastructure for them to cash their income, a member of the country’s oversight body body.
Evgeny Masharov, a member of the Russian Civic Chamber, examined the draft law, said State-owned news agency Tass on Tuesday that Russia should follow its allies Belarus at Launching a crypto exchange service by a major financial institution.
Masharov said the transition will “solve a number of current problems,” such as bringing “shadow transactions” to the legal field while also “re -increasing federal budget revenue,” and blocking one of the “channels for funding and recruiting our citizens to commit serious crimes.
Russia Payments were banned by crypto in early 2022But it has been open to the sector because of the appearance of trade around the world and skirts the penalties it faces for its invasion of Ukraine.
This allowed financial institutions Offer Crypto-based products In accredited investors in May and floating plans for a ruble-pegged stablecoin in April.
Crypto Bank will also help miners
Masharov argued that a crypto bank could help the country’s crypto mining industry, as there is currently no infrastructure for them to sell the crypto they mine.
Russia Mining is banned at 10 out of 46 Russians The regions for six years on January 1 and approved the time -resting of the major mining regions to help combat rising energy requests.
However, Vyacheslav Kopylov, a representative of the local Crypto Mining Prostomining firm, told Cointelegraph in June That despite the restrictions, the industry has continued to develop and the Russian blockchain forum has increasingly featured in businesses involved in crypto mining.
A way to combat fraud
Masharov said a crypto bank can help fight fraud as it is a regulated institution that oversees all transactions.
Related: Russia Civic Chamber suggests dedicated funds for confiscated Crypto assets
“In this case, repairs to the said bank should be made with cryptocurrencies, and funds must be credited only through the current accounts of Russian citizens,” he said.
“Currently, the main business of crypto exchanges is that cash is credited to the citizen’s purse and a commission will be charged for this,” Masharov added.
In March, Masharov suggested creating a government crypto fund That will include the property that confiscated from criminal proceedings.
Russian Crypto industry income expected to hit $ 3.9 billion
The Russian crypto industry is faced with challenges due to the uncertain regulation environment, but it is still growing.
Total income for the Russian crypto market is expected to reach $ 2.3 billion in 2025 and is expected to rise to $ 3.9 billion by 2026.
The number of Crypto users In the country it is expected to reach more than 44 million by the end of 2026, from a total population of 143 million.
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