Russia Seeks State Crypto Bank to Aid Miners, Curb Crime

Russia’s Civic Chamber advisor Evgeny Masharov has proposed establishing a state-backed crypto bank to regulate digital assets and strengthen the mining sector. Under the crypto bank plan—modeled on Belarus’s digital assets bank—the unified platform would process payments in cryptocurrencies through accounts held by Russian citizens, offering miners a legal channel to convert coins to rubles. Authorities aim to trace transactions, close loopholes exploited by private exchangers, enforce tax compliance, and channel off-book funds into the federal budget. This initiative builds on Russia’s experimental digital currency framework and proposals for a dedicated exchange for high-net-worth investors, potentially boosting market transparency, financial stability and state revenues while curbing illicit activity.