An important policy maker in Russia has suggested that the government should launch a "national crypto bank" to increase treasury revenue and combat fraud. According to the Russian state news agency TASS, this proposal was made by Yevgeny Masharov, a member of the Russian Federation Public Law and Regulatory Review Committee (OPRF). The OPRF is a policy-making body that provides legislative advice to the Kremlin and national legislators.

The National Crypto Bank Will Enhance Transparency

Masharov believes that establishing a state-owned crypto bank will help bring cryptocurrency transactions into the legal realm and significantly increase federal budget revenue. He stated, "Russia's crypto bank will address several existing issues. It can bring crypto transactions worth hundreds of billions of rubles out of the shadows." He pointed out that most cryptocurrency transactions in Russia are currently in a gray area and lack regulation.

Yevgeny Masharov (left) attended a meeting of the Russian Federation Public Law and Regulatory Review Committee (OPRF) earlier this month. (Image source: @oprfofficial/VK/Screenshot)_

Previously, Russian lawmakers had discussed the idea of creating a state-owned crypto exchange and hoped to ban the quasi-legal currency exchanges currently operating nationwide. Masharov believes that this initiative will further increase treasury revenue by imposing new taxes on crypto transactions.

Belarus's Pioneering Exploration

Belarusian President Alexander Lukashenko. The president has repeatedly called for the development of cryptocurrency-related businesses in Belarus this month. Previous plans included the establishment of a "national cryptocurrency bank." (Source: @alexanderlukashenkobelarus/VK)

Masharov mentioned that similar plans have already begun to be implemented in Belarus. According to TASS, Belarusian lawmakers plan to establish a regulatory framework for the operation of a crypto bank in the near future. If this project is successful, it will become the first of its kind in the post-Soviet region. Belarusian President Alexander Lukashenko has repeatedly called for the country to develop more crypto-related industries to ensure Belarus maintains a leading position in this field. He has also mentioned plans to create a "national crypto bank," especially after the U.S. introduced crypto-related legislation earlier this year, bringing renewed attention to the topic.

A Tool to Combat Crime

Masharov also pointed out that launching a crypto bank would help combat online fraud. Moscow has been dealing with the so-called "droppers" problem in the financial sector in recent years, where these individuals are often exploited by fraudsters, online casinos, and drug traffickers to launder money through cash, credit cards, and cryptocurrencies. These funds are typically transferred to crypto wallets and "legitimized," allowing criminals to use them to purchase real estate and luxury goods.

By restricting Russia's crypto transactions within the framework of a national bank, Masharov believes the government will be able to more effectively combat such fraudulent activities. Additionally, he mentioned that Bitcoin miners would also benefit, as Russia currently lacks the infrastructure for miners to sell cryptocurrencies domestically.

Supporting Cross-Border Trade

Masharov also emphasized that a crypto bank would help Russian businesses conduct international trade more securely. As Russia has been excluded from the SWIFT banking information network and faces severe sanctions from Washington, Brussels, and London, many trading companies are now using cryptocurrencies instead of the U.S. dollar for international payments. However, these transactions are mostly conducted "outside the legal framework," providing opportunities for "fraudsters and Western intelligence agencies" to exploit legislative loopholes.

Strengthening Regulation and Seizing Illegal Assets

In July of this year, Masharov stated that Russian authorities should have the right to seize tokens from illegal or quasi-legal Bitcoin miners, with these tokens being transferred to crypto wallets controlled by the treasury by court executors. This suggestion further reflects the government's determination to strengthen regulation in the cryptocurrency sector.

Conclusion

Masharov's proposal reflects Russia's proactive exploration of cryptocurrency regulation and application. The creation of a "national crypto bank" would not only help enhance transaction transparency and increase fiscal revenue but also effectively combat financial crime and support international trade. If this plan can be successfully implemented, it may open new development paths for Russia and other former Soviet countries in the crypto economy.

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