- Russian officials consider treating mined cryptocurrencies as exportable products like gas.
- The Central Bank emphasizes that the proposed legislation aims to regulate the crypto industry.
- Regulations for cryptocurrency mining are expected to be in force by 2024.
Russian officials are exploring the idea of treating mined cryptocurrencies as exportable goods, similar to the country’s approach with natural gas, Russian media RBC reported. The Deputy Minister of Finance, Ivan Chebeskov, revealed the proposal, explaining that they have developed a concept allowing miners to sell the digital assets they mine as an export product.
During a round table on “Cryptocurrency and the future of digital finance,” Chebeskov mentioned, “There is an option and a bill – to use the export of cryptocurrency as a product of mining activity.” Similar to the special legislation for exporting gas, the Ministry of Finance, according to Chebeskov, “developed a concept, a project, so that a miner could export the product of what he mined.”
The Central Bank emphasizes that the proposed legislation aims to regulate the industry. It was clarified that the sale and use of cryptocurrencies within Russia is still not permitted and that the mined crypto can only be sold to non-residents through foreign information infrastructure.
Currently, the bill is reported to be under consideration, and there are expectations that regulations for cryptocurrency mining could be in force by 2024.
In April of this year, it was reported that the Central Bank of the Russian Federation allowed the experimental use of cryptocurrencies in external payments. The plan involves creating special-authorized organizations to handle crypto mining and settlements with foreign economic entities.
In November 2022, a bill was submitted to the State Duma to legalize crypto mining. The bill outlines that miners can sell crypto on foreign platforms without using Russian information infrastructure, and transactions must be reported to the Federal Tax Service.
Russia has become the world’s second-largest cryptocurrency mining country, trailing behind the United States, according to Bitriver, the country’s largest bitcoin mining provider. Despite economic sanctions, the bitcoin mining industry is thriving in Russia, with mining rig makers like Bitmain and MicroBT expanding their reach, providing after-sales services to Russian miners.
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