The Russian government may allow cryptocurrency miners to sell cryptocurrencies like other exports, such as gas. Deputy Minister of Finance Ivan Chebeskov specified that this option is part of the bill to legalize cryptocurrency mining introduced in 2022. This allows miners to process these exports in the same way as commodities.
Russia considers cryptocurrency export restrictions
The Russian government is considering regulating the export of cryptocurrency as well as raw materials such as gas. These efforts will stem from a cryptocurrency mining bill introduced in the State Duma in November 2022.
Deputy Minister of Finance Ivan Chebeskov offered an update on these developments at the “Cryptocurrencies and the Future of Digital Finance” forum. On this issue, Chebeskov said:
There are options and legislation to use cryptocurrency exports as a product of mining activities. We have developed a concept and project that allows miners to export the results of mining, that is, cryptocurrency, as an export product. These legislative initiatives are also taking shape in our country.
The Russian Bank and Ministry of Finance have recognized cryptocurrency mining as a legitimate industry and are considering using cryptocurrencies as part of cross-border payments. The bank specified that previously acquired cryptocurrencies must be sold on international exchanges to non-Russian citizens.
The bill is expected to be approved next year, according to a statement by Anatoly Aksakov, chairman of the State Duma’s Financial Market Committee. Nonetheless, it’s still a work in progress.
Cryptocurrency mining has become a popular and lucrative industry in Russia. According to the report, up to $740 million worth of cryptocurrency assets have been mined in 2022. A recent Rosfinmonitoring report also confirmed Russia’s interest in cryptocurrencies, with the country registering more than 185,000 transactions for the first time. During the first nine months of 2023, trading volume doubled from a year ago.
What do you think about the Russian government’s disposition of cryptocurrency mining? Let us know in the comments section below.
Source: Bitcoin.com