TLDR
- Yevgeny Masharov proposes the creation of a national crypto bank to boost Russia’s treasury.
- The proposed crypto bank aims to bring cryptocurrency transactions into the legal sector.
- Masharov emphasizes that the move would help combat fraud and money laundering in Russia.
- The establishment of the crypto bank could provide a regulated platform for Bitcoin miners in Russia.
- A national crypto bank could make international trade payments more secure for Russian companies.
A senior Russian policymaker has urged the government to establish a “national crypto bank” to boost the nation’s treasury and combat fraud. Yevgeny Masharov, a member of the Public Chamber of the Russian Federation, shared his view that such a move could solve multiple issues. He believes it would bring cryptocurrency transactions into the legal sector, increasing federal budget income.
Russia’s Crypto Bank Plan to Reduce Fraud
Masharov argued that a state-run crypto bank could generate hundreds of billions of rubles for the Russian economy. He suggested that many crypto transactions currently occur outside the legal framework. Bringing these activities into the open would not only increase tax revenue but also reduce illegal financial operations.
“The crypto bank would solve several existing problems,” Masharov stated.
He pointed out that it would help track crypto transactions, which are often used for illicit activities like money laundering. A legal framework for these transactions could prevent fraud and allow Russia to regulate the crypto market more effectively.
A national crypto bank would curb fraud and provide a safer environment for businesses and individuals. The lack of infrastructure for crypto transactions within Russia has made it difficult for firms to operate securely. A regulated platform would make cross-border payments smoother, particularly as Russia faces economic sanctions.
National Crypto Bank to Target Money Laundering
Another reason Masharov advocates for a national crypto bank is to tackle fraud. Russia has been facing challenges related to “droppers,” or individuals used by criminals to launder money through crypto. These funds are often transferred to crypto wallets and then used to buy luxury goods or real estate.
“The creation of a crypto bank will help strike a blow against online fraud,” Masharov argued.
With more control over crypto transactions, the government could prevent criminals from exploiting legal loopholes. By regulating the sector, Moscow could minimize the risk of illegal financial activities associated with cryptocurrencies.
The Russian government has been working to address this issue, but the lack of regulation has made it difficult to fight fraud effectively. Masharov emphasized that a national crypto bank could play a significant role in reducing financial crimes related to crypto. He added that it would also help the country stay ahead of fraudsters and criminals exploiting unregulated crypto channels.
Supporting Bitcoin Miners and International Trade
Additionally, Masharov pointed out the benefit to Bitcoin miners in Russia. Without a proper infrastructure, many miners have difficulty selling their crypto within the country. A national crypto bank would provide an official platform for miners to trade their coins, making the process safer and more reliable.
Furthermore, the establishment of a crypto bank could assist Russian companies with international trade. Russia’s disconnection from the SWIFT network has forced many businesses to turn to cryptocurrency for cross-border payments. However, much of this activity happens outside the legal system, posing risks to the government’s ability to monitor and regulate these transactions.
“A regulated system would make cross-border transactions more secure,” Masharov concluded.
The creation of a national crypto bank could ensure that such dealings are conducted transparently and lawfully. By implementing clear rules for crypto transactions, Russia would be better positioned to manage its economic activities, both domestically and internationally.
