An outstanding Russian policy formulator says that the government should launch a “National Cryptography Bank” to boost treasure income and fight fraud.
The Russian state news agency TASS reported that the comments came from Yevgeny Masharov, a member of the Public Chamber Commission of the Russian Federation for the Public Examination of Laws of Laws and Other Regulatory Acts (OPRF).
OPRF is a policy -making agency, which advises Kremlin and state legislators on legislative proposals.
Masharov: Russian Crypto Bank will increase transparency
The policy manufacturer said that launching a cryptographic bank operated by the State would help bring cryptography to the legal sector and increase the income of the federal budget. Masharov said:
“A Russian encryption bank would solve several existing problems. It would bring hundreds of billions of rubles of [crypto] Transactions outside the shadows. “
Legislators have previously spoken about the idea of launching state cryptography exchanges. They also want to prohibit the exchanges of quasi-legal coins that currently operate throughout the country.
Such a measure would also help boost federal budget admission, with new taxes imposed on cryptography trade, he argued.
Masharov said that similar plans such as Belarus were already being put on. Tass wrote that Minsk legislators are ready to “develop a regulatory framework for the activities of a cryptographic bank in the near future.”
If Minsk’s project is successful, the project would be “the first of its kind in the territory of the former Soviet Union,” Tass wrote.
Earlier this month, Belarusian President Alexander Lukashenko told Cabinet officials to develop more industries related to cryptography to ensure that Minsk can take a lead in space.
Lukashenko and other high bellruss officials have been talking about creating a “national cryptographic bank” for some time.
But the matter seems to have returned to the agenda in Minsk since Washington began implementing legislation related to crypto earlier this year.
Belarusian president, Alexander Lukashenko, has repeated calls this month for his country to look for business related to cryptography. The previous plans have involved the launch of a ‘National Crypto Bank’.
A tool to fight crime?
The policy manufacturer added that launching an encryption bank would help “hit online fraud.”
Moscow has been fighting in an increase in what the financial sector calls “drippers.” This term refers to cash, card and cryptographic mules that scammers, online casinos and drug traffickers use to wash money.
Masharov said that the funds collected by the drippers generally transfer to cryptographic wallets and then “legalize”, which allows criminals to spend money on real estate and luxury goods.
But restricting Russian cryptographic transactions to the bank’s limits, Moscow could fight this form of fraud, the policy formulator said.
Bitcoin miners could also benefit, he said. He added: “We still have no infrastructure that allows miners to sell their coins in Russia.”
And Masharov said that the new bank could also help Russian companies carry out safer cross -border businesses.
Russia remains disconnected from the Swift Bank messaging network and very sanctioned by Washington, Brussels and London.
As such, many commercial companies now use cryptography instead of the US dollar in international commercial payments.
But most of these agreements are carried out “outside the legal field,” said Masharov. This gives “fraudsters and Western intelligence agencies” the opportunity to “exploit the gaps in the legislation,” he concluded.
In July of this year, Masharov said that the Russian authorities should have the power to take illegal or quasi-legal tokens of Bitcoin.
Sheriffs should be given the power to transfer these currencies to cryptographic wallets controlled by the treasure, he urged.
The Russian policy formulator subsequent to Moscow to believe ‘National Bank of Crypto’ appeared first in Cryptonews.
