- Russia proposes national crypto bank to tackle financial crimes.
- Estimated hundreds of billions of rubles in revenue.
- Inspiration drawn from Belarus’s crypto initiatives.
Senior policymakers in Russia propose a National Crypto Bank to regulate cryptocurrency transactions and counter financial crimes, led by Yevgeny Masharov and Evgeny Morozov.
The initiative aims to secure state revenues and bring a legal framework to Russian crypto activities, although no official establishment has occurred yet.
Russia is considering a proposal for a National Crypto Bank aimed at combating financial crimes and enhancing state revenue streams. Key policymakers, including Yevgeny Masharov, are advocating for the legislative integration of cryptocurrency into regulated frameworks. Masharov himself states, “The crypto bank would solve several existing problems… it would help track crypto transactions, which are often used for illicit activities like money laundering”.
Yevgeny Masharov and Evgeny Morozov are leading this initiative, proposing a system that could generate significant state revenue. While Masharov believes this could increase safety and facilitate international payments, no official funding or launch confirmation exists.
The proposed bank could impact cryptocurrency activities involving Bitcoin and Ethereum, essential for transactions in Russia. The bank’s establishment is suggested to provide a legal path for miners to operate officially, potentially curbing illicit financial activities.
Implementation of the bank may align with increasing government oversight on crypto transactions, echoing the experience in Belarus. This could result in improved cryptocurrency trade frameworks, facilitating more transparent operations, and contributing to state coffers.
No official institutional partnerships or funding have been outlined yet. Community discussions suggest the proposal is a potential game-changer, but no substantial shifts have been observed in crypto market data like total value locked.
Adopting such a proposal could create new revenue streams while enhancing Russia’s financial monitoring systems. Using Belarus as a benchmark, this move could lead to greater cryptocurrency integration into the formal economy, sidestepping economic sanctions.
