Russia Needs a Crypto Bank, Government Advisor

One member of the Civic Chamber of the Russian Federation stated that Russia should consider creating its own cryptocurrency bank to resolve a range of financial problems

ContentsProposal for a Russian Crypto BankLooking to Belarus as a ModelCurrent State of Cryptocurrency in RussiaThe initiative, similar to one in Belarus, aims to control cryptocurrency transactions and eliminate unlawful acts related to digital assets.

Proposal for a Russian Crypto Bank

One of the representatives of the Civic Chamber, Evgeny Masharov, maintained that the government of Russia would gain in terms of the establishment of a national cryptocurrency trading platform. This platform would assist in regulating the market of cryptocurrency and decrease the number of illegal transactions that are usually associated with money laundering and the financing of criminal activities. Masharov underlined that such an action would enable cryptocurrency miners to sell their coins legally and increase the state income.

He emphasized that the proposed crypto bank may become a successful instrument in the fight against fraud and the reduction of financial offenses. Russia would be able to provide more transparency to the financial sector by better monitoring cryptocurrency transactions.

Looking to Belarus as a Model

The close ally of Russia, Masharov, cited Belarus as an example of how to establish a crypto bank. Belarus is already acting to control its digital economy and cryptocurrency dealings. The government of Belarus has already realized the importance of cryptocurrency payments, particularly with more and more sanctions. This regulatory framework has created a space that has facilitated Belarus in the processing of more than 1.7 million cryptocurrency transactions alone in the first half of 2025.

Now, Belarus is expanding its regulatory framework, including creating a national crypto bank. Russian officials are encouraged to follow the same strategy so that digital assets can be integrated into the country’s economy under a controlled and legal framework.

Current State of Cryptocurrency in Russia

Russia has adopted a reserved stance on cryptocurrencies. Although the country’s digital assets laws are not new and have been in force for over a year, not all transactions, particularly those involving the use of cryptocurrencies such as Bitcoin, are legally allowed. The Central Bank of Russia has shown a stand against the free usage of decentralized digital currencies. Nevertheless, it has granted the use of cryptocurrencies to trade across borders under a special legal regime.

Despite these limitations, Russian legislators are actively considering the further development of the crypto sphere, as most cryptocurrencies may become legally used sooner or later. However, analysts such as economist Sergey Suetin estimate the probability of full-scale crypto adoption in Russia in five years at only 1%.

The concept of a national cryptocurrency bank is being promoted in Russia. Based in Belarus, Russian officials might soon advance the creation of a legal framework that would regulate digital assets and enhance the effectiveness of financial transactions in terms of transparency. Although the Central Bank is still against some aspects of cryptocurrency utilization, the increasing focus on the regulation of cryptocurrencies may transform the Russian digital economy over the next several years.