Russia proposes to establish a national crypto bank to combat financial crimes

Yevgeny Morozov, a member of the Russian Citizens' Chamber of Commerce, proposed the establishment of a national cryptocurrency bank in Russia, which borrowed from Belarus' model. Morozov believes such institutions can help incorporate a shadow economy worth billions of rubles into the legal framework, thereby increasing federal budget revenues and combating remote fraud and criminal financing. The proposed cryptocurrency bank will also provide Russian miners with legal means to sell their mining assets. Belarus has set up cryptocurrency exchanges and brokers in its high-tech parks, decriminalizing digital currencies and increasing tax revenue.