Russia Considers a National Crypto Bank to Support Miners and Fight Fraud

Russia is exploring the establishment of a state-backed cryptocurrency bank aimed at regulating transactions, bolstering the mining sector, and tightening control over financial flows. The proposal, put forward by Evgeny Masharov of the Russian Public Chamber, seeks to integrate billions of rubles from the grey market into the legal economy while boosting tax revenues.

The institution would operate exclusively through official channels, restricting account funding to Russian citizens in rubles. Beyond economic benefits, the crypto bank is positioned as a strategic tool to combat fraud linked to illegal platforms and money laundering schemes.

This MOVE aligns with Russia's broader push for monetary sovereignty and reduced reliance on Western financial networks amid escalating sanctions. The initiative underscores the growing institutional recognition of cryptocurrencies as both an economic lever and a geopolitical instrument.