Russia suggests setting up crypto banks to support miners and combat fraud

According to Cointelegraph, Russian Citizens House member Evgeny Masharov suggested setting up crypto banks to help combat illegal transactions and support miners. Masharov said this will address the “shadow transaction” issue and increase federal budget revenue. Russia banned crypto payments in early 2022, but gradually opened up the field, allowing financial institutions to provide crypto products to qualified investors and plans to launch stablecoins pegged to rubles. Masharov believes that crypto banks can also help miners sell the mined cryptocurrency. Despite restrictions on mining in parts of the country, Russia's blockchain forums have attracted many crypto mining companies. Masharov also proposed the creation of a government crypto fund that contains assets seized from criminal proceedings. The total revenue of the Russian crypto market is expected to reach US$2.3 billion by 2025 and will increase to US$3.9 billion in 2026.