Pending Bill Could Unlock Crypto Exports in 2024: What It Could Mean for This Country

The Russian government is currently considering a proposal that would allow for the exports of cryptocurrencies as a product of mining activities, which would come into effect by 2024. Ivan Chebeskov, Deputy Minister of the Ministry of Finance, discussed this proposal at a Round Table titled “Cryptocurrency and the future of digital finance.”

What Happened: Chebeskov stated, “We are exploring the possibility of exporting cryptocurrency as a product of mining activities, drawing parallels with our gas export legislation, we aim to enable miners to export the product of their mining activities, namely cryptocurrencies.” The project is in an experimental phase and aims to ease cryptocurrency transactions when it comes to foreign economic activity.

The bill, submitted to the State Duma in November 2022, seeks to legalize cryptocurrency mining. It outlines methods for selling currency and bans the advertising of digital currency or its offer to an unlimited number of people.

This proposal aligns with the Ministry of Finance and Bank of Russia’s joint stance to recognize cryptocurrency mining as an industry.

Miners have two choices for selling the cryptocurrencies they mine: either through a foreign system, ignoring currency regulations laws, or via an experimental platform. In both scenarios, transactions must be reported to the Federal Tax Service.

The Central Bank mandates that the mined cryptocurrency be sold only using foreign infrastructures and to non-residents.

Anatoly Aksakov, head of the State Duma Committee On the Financial Market, said in the summer of 2023, that a bill to regulate cryptocurrency mining might be passed in 2024. The bill is currently being further developed following its first read.

This proposal is a major step forward for Russia’s approach to digital currencies and could position them as a major player on the global market.