- Russian advisor Evgeny Masharov proposes a state-backed crypto bank to legalize shadow transactions worth hundreds of billions rubles.
- Belarus serves as template; licensed exchanges processed $1.7 billion, potentially reaching $3 billion by end of 2025 activity.
A government advisor in Russia has proposed the creation of a state-backed cryptocurrency bank. Evgeny Masharov, a member of the Civic Chamber’s commission for legislative review, made this suggestion in an interview with TASS news agency.
Masharov explained that a national crypto bank would help bring shadow transactions into the legal economy. He mentioned that illegal payments currently amount to hundreds of billions of rubles. The proposed bank would process settlements exclusively in cryptocurrencies while requiring all transactions to flow through customer current accounts.
The government advisor pointed to Belarus as a model for Russia to follow. Belarus established regulations for its digital economy over eight years ago. Last week, Belarusian President Alexander Lukashenko called for updated crypto regulations and approved plans to create a crypto bank in his country.
According to Masharov, a Russian cryptocurrency exchange would generate additional state revenue. It would also provide miners with a regulated platform to sell their coins. He emphasized that such measures could reduce fraud and block channels used to finance criminal activities.
Russia currently maintains restrictive policies toward cryptocurrency transactions. The country’s “On Digital Financial Assets” law effectively prohibits crypto payments for goods and services. The Central Bank of Russia remains opposed to legalizing decentralized digital currencies for domestic use.
The proposal comes as Belarus reports substantial crypto transaction volumes. Belarusian licensed exchanges processed over $1.7 billion in the first seven months of this year. President Lukashenko projected this figure could reach $3 billion by the end of 2025.
