The Russian Ministry of Finance has been considering the concept of allowing miners to export the cryptocurrency produced by their mining activities. This is similar to the way in which the country exports its natural gas.
At the Roundtable on “Cryptocurrency and the Future of Digital Finance”, Deputy Minister of Finance Ivan Chebeskov said: “We have developed a concept, a project, so that a miner can export the product of what he mined, that is, cryptocurrency, as an export product. Such a legislative initiative is also being formed in our country.”
This is in line with the agreement between the Ministry of Finance and the Central Bank of Russia to work together to recognize the cryptocurrency mining industry. They also aim to explore the possibility of using cryptocurrencies as a payment method for international economic transactions.
In a major development, legislators put forward a law to legalize the mining of cryptocurrency. According to the proposed legislation, miners will be able to sell their cryptocurrencies on foreign platforms, without using Russian infrastructure. They can also buy cryptocurrencies using these foreign systems, as long as they adhere to international regulations.
In addition, miners will have to report any transactions involving cryptocurrency sales to the Federal Tax Service. The law also states that the sale of mined crypto is only permitted using foreign infrastructures and to non-residents.
Anatoly Aksakov, head of the State Duma Committee on Financial Markets, suggested that a comprehensive law governing cryptocurrency mining might become effective as early as 2024. This is a clear indication of the progress being made with the law after the first reading.
Despite the changes in Russia’s crypto policy in the wake of the Ukraine invasion, the country has yet to make a decision on the legalization of cryptocurrency.