Russian government advisor leads push for domestic crypto bank - Mitrade

A Russian advisory body proposes creating a national cryptocurrency bank, following the regulatory approach of neighboring Belarus under Alexander Lukashenko's administration.

The Civic Chamber of the Russian Federation suggests establishing a crypto bank to address illegal transactions worth billions of rubles and generate additional state revenue. Representative Evgeny Masharov believes this institution would help regulate cryptocurrency miners, reduce fraud, and bring shadow transactions into the legal framework. Belarus serves as the model, having regulated its digital economy over eight years ago and recently approving its own crypto bank proposal.

• Russia currently lags behind Belarus in cryptocurrency regulation, with existing laws actually banning certain crypto transactions
• Belarus processed over $1.7 billion in licensed crypto exchange payments in seven months, potentially reaching $3 billion by 2025
• The Russian Central Bank remains opposed to legalizing decentralized currencies like Bitcoin for domestic circulation
• A Russian economist estimates only a 1% chance of crypto payment introduction within five years