Evgeny Masharov, a member of Russia’s Civic Chamber, has proposed launching a crypto-based financial institution that could help regulate digital asset activity and support the country’s mining industry.
He made the suggestion in an interview with TASS, a government-backed media outlet, and pointed to Belarus as a country already testing a similar approach.
According to Masharov, such a bank would serve two main goals: reduce illegal crypto transactions and give miners a proper system to convert their earnings into local currency.
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He also said this structure would make it easier to trace suspicious activity, enforce taxes, and prevent the misuse of crypto to fund crime. Bringing these operations into the formal banking system would give authorities a better chance of identifying bad actors and controlling high-risk transactions.
Masharov stated that currently, there is no proper system for miners to legally cash out their crypto, which prompts them toward grey-market services.
He proposed that transactions within the bank should be processed in crypto, but that incoming funds should only be transferred through accounts held by Russian citizens.
Masharov also criticized how many private exchangers currently operate. He said:
At present, the main business of crypto exchangers is that cash is credited to the wallet of citizens and a commission is charged for this.
Alexander Lukashenko, the President of Belarus, recently announced plans to expand the country’s use of cryptocurrencies and modern financial tools. What did he say? Read the full story.
