Russia considers launching crypto bank for miners, fraud control

Russian Civic Chamber member Evgeny Masharov proposed creating a crypto bank to support miners, increase budget revenues, and combat fraud.

Proposal for a crypto-enabled bank

Russia is considering the creation of a crypto bank to support miners and tackle shadow transactions. The idea was put forward by Evgeny Masharov, a member of the Russian Civic Chamber, which reviews draft laws.

According to him, a crypto bank would bring shadow operations into the legal framework, replenish the federal budget, and cut off financing channels for criminal activities. Masharov suggested following Belarus’ example, where a state-backed crypto exchange infrastructure is already being developed.

Helping miners with infrastructure

Masharov also emphasized that such a bank would give miners the necessary infrastructure to cash out their earnings. Currently, there is no official framework for miners to sell their coins in Russia.

The government banned mining in 10 regions starting in January and introduced seasonal restrictions in others to reduce pressure on the energy grid. However, the sector is still growing. Industry representatives noted that mining businesses are actively participating in the Blockchain Forum, showing steady interest despite limitations.

A tool to fight fraud

Masharov argued that a crypto bank would reduce fraud, since all settlements would be monitored by regulators. According to him, all payments would be processed in cryptocurrencies, and funds could only be deposited through citizens’ current accounts.

Analysts believe this measure could increase transparency and boost investor confidence in the Russian crypto market.