Evgeny Masharov, a member of the Russian Civic Chamber, says Russia should start a crypto exchange through a major financial institution.

Russia needs its own crypto-enabled bank that could help combat illicit transactions and support miners by providing infrastructure for them to cash out their earnings, a member of the country’s government oversight body says.

Evgeny Masharov, a member of the Russian Civic Chamber, which examines draft laws, told the state-owned news agency TASS on Tuesday that Russia should follow its ally Belarus in launching a crypto exchange service through a major financial institution.

Masharov said the move would “solve a number of current problems,” such as bringing “shadow transactions” into the legal field while also “replenishing the federal budget’s income,” and blocking one of the “channels for financing and recruiting our citizens to commit serious crimes.”

Russia banned payments via crypto in early 2022, but it has become open to the sector as it looks to trade internationally and skirt the sanctions it faces for its invasion of Ukraine. 

It has so far allowed financial institutions to offer crypto-based products to accredited investors in May and floated plans for a Ruble-pegged stablecoin in April.

Russia could consider crypto bank to combat fraud, help miners

Evgeny Masharov, a member of the Russian Civic Chamber, says Russia should start a crypto exchange through a major financial institution.

Russia needs its own crypto-enabled bank that could help combat illicit transactions and support miners by providing infrastructure for them to cash out their earnings, a member of the country’s government oversight body says.

Evgeny Masharov, a member of the Russian Civic Chamber, which examines draft laws, told the state-owned news agency TASS on Tuesday that Russia should follow its ally Belarus in launching a crypto exchange service through a major financial institution.

Masharov said the move would “solve a number of current problems,” such as bringing “shadow transactions” into the legal field while also “replenishing the federal budget’s income,” and blocking one of the “channels for financing and recruiting our citizens to commit serious crimes.”

Russia banned payments via crypto in early 2022, but it has become open to the sector as it looks to trade internationally and skirt the sanctions it faces for its invasion of Ukraine. 

It has so far allowed financial institutions to offer crypto-based products to accredited investors in May and floated plans for a Ruble-pegged stablecoin in April.

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Russia could consider crypto bank to combat fraud, help miners

Evgeny Masharov, a member of the Russian Civic Chamber, says Russia should start a crypto exchange through a major financial institution.

Russia needs its own crypto-enabled bank that could help combat illicit transactions and support miners by providing infrastructure for them to cash out their earnings, a member of the country’s government oversight body says.

Evgeny Masharov, a member of the Russian Civic Chamber, which examines draft laws, told the state-owned news agency TASS on Tuesday that Russia should follow its ally Belarus in launching a crypto exchange service through a major financial institution.

Masharov said the move would “solve a number of current problems,” such as bringing “shadow transactions” into the legal field while also “replenishing the federal budget’s income,” and blocking one of the “channels for financing and recruiting our citizens to commit serious crimes.”

Russia banned payments via crypto in early 2022, but it has become open to the sector as it looks to trade internationally and skirt the sanctions it faces for its invasion of Ukraine. 

It has so far allowed financial institutions to offer crypto-based products to accredited investors in May and floated plans for a Ruble-pegged stablecoin in April.

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