Market News

Russia's Shift Towards Legalized Crypto: The Proposal for a National Crypto Bank

In a significant policy shift, Yevgeny Masharov, a senior Russian official, has proposed the establishment of a national crypto bank.

This initiative aims to transition cryptocurrency activities into a regulated legal framework, enhancing government revenues while mitigating fraudulent activities.

Masharov emphasized that a state-backed crypto bank would provide a structured platform for miners and facilitate safer cross-border transactions.

His vision includes using cryptocurrency for tracking trading and transfers, allowing the government to ensure proper taxation and reduce tax evasion.

Moreover, it aims to curb money laundering and other illicit activities by imposing regulatory oversight on crypto transactions.

Russia’s attitude towards cryptocurrencies has evolved drastically since a proposed ban on Bitcoin and crypto-mining in 2022.

Under President Putin's recent legalization of Bitcoin, financial institutions are now allowed to explore crypto products extensively.

Masharov cited Belarus as a model, where robust regulations for digital assets have already been initiated.

He argues that creating a national crypto bank could successfully decriminalize the digital asset market, bringing hidden transactions into the legal economy.

As global interest in cryptocurrencies rises, Russia's progressive stance may position it for a more prominent role in the crypto landscape.