Key Takeaways:
- Russia’s Civic Chamber member Evgeny Masharov has proposed a state-backed crypto bank to support miners and reduce crypto-related crime.
- The initiative aligns with shifting Russian policies, allowing crypto products for accredited investors and considering a ruble-pegged stablecoin.
- Despite regional mining bans and energy restrictions, the crypto market in Russia is projected to grow to $3.9B with 44M users by 2026.
Evgeny Masharov, a member of Russia’s Civic Chamber, has proposed establishing a crypto-focused bank to be run through a major financial institution.
He argues such a bank would combat fraud, provide miners with reliable infrastructure to convert digital assets into fiat, and integrate “shadow transactions” into the legal economy.
🇷🇺 Russia may create its own crypto bank.
— Kyle Chassé / DD🐸 (@kyle_chasse) September 11, 2025
Masharov says Russia needs a crypto bank to fight fraud and boost revenue.
This could be huge! pic.twitter.com/eQEh7ahS7E
Masharov pointed to Belarus as a model, where a state-backed exchange is already in place, and said the initiative could boost federal revenue and cut off funding channels for criminal activity.
Although Russia banned crypto payments in 2022, its stance has softened under sanctions.
Accredited investors can now access crypto products, and officials are considering a ruble-backed stablecoin.
Masharov stressed that a crypto bank would strengthen regulatory oversight by requiring settlements in cryptocurrency linked to citizens’ accounts.
Despite regional mining bans and seasonal restrictions tied to energy use, Russia’s mining sector remains resilient and active.
Masharov previously suggested a government-run crypto fund for confiscated assets.
With the market projected to hit $2.3 billion in revenue by 2025 and $3.9 billion in 2026, Russia’s crypto user base could surpass 44 million.
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