A member of the Russian Citizens' Chamber, Evgeny Masharov, proposed the establishment of a cryptocurrency bank to support miners, manage transactions, and increase budget revenue.
He believes that this model, similar to Belarus, will bring “underground” transactions into the legal framework while blocking funding channels for crime. Russia banned payments in cryptocurrencies since 2022, but recently has gradually relaxed restrictions to promote international trade and evade sanctions. The government has allowed financial institutions to offer cryptocurrency products to professional investors and plans to issue a stablecoin pegged to the Ruble. Masharov emphasized that this bank will create infrastructure to help miners convert profits while monitoring transactions to limit fraud. The revenue of the Russian cryptocurrency industry is projected to reach 2.3 billion USD in 2025 and increase to 3.9 billion USD in 2026 with over 44 million users.
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