Russia is considering the establishment of a dedicated cryptocurrency bank, a proposal that aims to tackle illicit transactions and support miners. Evgeny Masharov, member of the Russian Civic Chamber, suggests that a crypto-enabled financial institution could bridge the gap between the crypto sphere and traditional banking, providing a platform for legal transactions and revenue generation. He envisions this move as a solution for shadow transactions and a pathway to bolster federal income while curbing criminal activities. 2023 has already seen Russia’s openness to the crypto sector grow with the introduction of crypto-based products for accredited investors in May, and plans for a Ruble-pegged stablecoin in April. The move follows restrictions on crypto payments enacted early in 2022.