Key Takeaways:
- Russian public policy expert Evgeny Masharov urges the creation of a state-backed crypto bank to legalize vast underground crypto transactions and raise federal revenues.
- The proposed crypto bank could disrupt money laundering and cyber-fraud schemes that currently convert stolen funds into luxury assets via crypto.
- Russian crypto miners lack legal infrastructure to sell their earnings, and a national crypto bank could finally provide a compliant domestic outlet.
- Belarus is moving ahead with its own crypto bank framework, offering Russia a model for crypto-sector reform and legalization.
Russia should follow Belarus’ example and create a state-backed crypto bank, according to a member of the Public Chamber, who argues such a move would help curb illicit financial flows and strengthen the country’s fiscal position.
Billions in the Shadows
Evgeny Masharov, a member of the Public Chamber of the Russian Federation, said the proposed institution could bring shadow cryptocurrency transactions, estimated at hundreds of billions of rubles annually, into the legal domain.
“In Russia, we need our own cryptobank,” Masharov told TASS. “This would legalize shadow settlements, increase federal revenues, and disrupt channels used to fund and recruit individuals for serious crimes, including those against the state,” he added.
Crypto Bank Could Break The Crypto-Crime Loop
Currently, cyber criminals often funnel stolen funds through digital wallets, ultimately laundering them into assets like real estate and luxury goods. Masharov believes a state-regulated crypto bank could deter online fraud and help close this loophole for good.
Shutting Down the Gray Market
Masharov suggested that all crypto transactions at the proposed bank be conducted in digital currencies, but only through bank accounts registered to Russian citizens. He believes this could undercut informal exchange services that currently convert cash into crypto for a fee.
Miners Deserve Attention Too
Masharov also highlighted that Russian cryptocurrency miners lack a domestic mechanism to legally sell mined coins. A national crypto bank, he said, could serve as a compliant channel for such transactions, addressing a long-standing gap in the country’s digital asset infrastructure.
Belarus: The Crypto Blueprint
In a bold push to counter Western sanctions, Belarusian President Alexander Lukashenko has directed national banks to expand their use of cryptocurrency and tokenization technologies.
The move is intended to create alternative payment channels for international trade, as traditional financial systems are increasingly constrained by what President Lukashenko called “unprecedented and draconian” sanctions.
While the country already maintains a crypto-friendly legal environment dating back to 2018, the new directive represents a strategic escalation. It aims to integrate crypto into the broader banking infrastructure, pairing adoption with calls for tighter regulation and the development of domestic digital banking technologies.
This shift positions crypto adoption not merely as a tool for innovation, but as a core instrument of economic sovereignty. Within hours, Russian policymakers began signaling similar intentions, highlighting that for heavily sanctioned economies, digital assets may no longer be optional, but essential.
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