Thomas Daniels
Russia is exploring the possibility of launching a state-controlled crypto bank, a move aimed at combating financial crime and supporting the domestic crypto mining sector. The proposal, backed by Civic Chamber member Evgeny Masharov, suggests integrating crypto operations into the formal banking system through a major financial institution.
Masharov believes the initiative could legalize “shadow” transactions, bolster federal revenues, and cut off channels used for recruiting citizens into criminal activity. He also emphasized the lack of infrastructure for miners to convert digital assets into fiat—a gap the proposed bank could close under regulatory oversight.
Though crypto payments remain banned since 2022, Russia has recently softened its stance, authorizing crypto-linked products for accredited investors and discussing a ruble-pegged stablecoin. The crypto market is forecast to reach $3.9 billion in annual revenue by 2026, with user numbers expected to exceed 44 million—further highlighting the need for a structured, legal framework.
A regulated crypto bank could mark a turning point in Russia’s digital finance strategy, balancing innovation with state control.
