Russia plans to create a national cryptocurrency. Objective announced: regulate transactions, support the mining sector and strengthen control over financial flows. This proposal is part of a context of research of monetary sovereignty, faced with an expanding crypto market. All details below!
In short
- Russia is considering a state cryptocurrency to legalize flows and increase its tax revenue.
- The initiative aims to support minors, in addition to reducing dependence on Western financial networks.
A tool to legalize flows and contain Crypto fraud
The idea of a banking establishment dedicated to crypto-actives comes from Evgeny Masharov, member of the Russian public chamber. Concretely, he suggests Reply the Belarusian model which already supervises these activities via its technological parks.
In Russia, volumes from the gray market would reach several billion rubles. There Future Crypto Bank would therefore make it possible to integrate these flows into the legal economy. But not only! It would also increase the country's tax revenues.
Masharov nevertheless specifies that only Russian citizens could feed their ruble accounts. Also, the institution would only work via official channels.
Another key mission: Fight against fraud linked to illegal crypto platforms and money laundering via “droppers”.
An economic and strategic response to sanctions
This cryptocurrency would also aim to reduce dependence on Western banking networks, especially for cross-border payments. Coupled with a stablecoin project indexed to the ruble, it would strengthen the country's financial autonomy.
Masharov also sees it as a lever for supporting the local mining industry, still active despite regional restrictions. In the absence of legal sales channels, Russian minors often use unofficial circuits. A dedicated institution would therefore offer A conforming frame to convert their assets.
The absence of infrastructure and current regulatory constraints, however, limit the immediate feasibility of project. Its realization will depend on an alignment:
- policy ;
- technical;
- legislative.
Between the desire for control and economic strategy, Russia therefore explores a new model for the integration of cryptocurrencies. If the project is advancing, it could redefine the relationships between state, technology and finance in the country. To follow …
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