2023-12-15 08:04:09
Crypto miners in Russia may benefit from special legislation next year. This would allow mined cryptocurrencies to be counted as a traditional export product (just like, for example, gas).
Deputy Finance Minister Ivan Chebeskov spoke about the plans at a roundtable on the future of digital finance, according to the local edition of RBC.
“There is an option and a bill to use the export of cryptocurrencies as a product of mining activity. In other words, there is a special law for export” said Chebeskov.
Under this legislation, cryptomining would be considered a legitimate industry. However, Russia’s central bank insists that miners should only sell crypto to non-Russian residents on overseas platforms.
A bill to regulate cryptomining in Russia has been in the works for years, marked by periodic delays thanks to disagreements with Russia’s central bank. However, Chebeskov recently said that the “common voice” is slowly being found.
The Russian central bank is also working on one on a draft lawwhich would introduce an “experimental legal system” for cryptocurrencies that can only be used in export-import transactions.
Crypto mining in Russia
Russia produces the second largest mining output in the world, indicating its strength in the sector. However, despite such advances, authorities have yet to legalize crypto-mining activities in their jurisdictions.
Last year, the State Duma submitted a bill to remedy this shortcoming. The bill outlines procedures for the sale of mined cryptoassets, including sales on foreign platforms. However, miners are required to provide information to the IRS under this legislation.
The country’s crypto efforts
Over the past year, Russia’s attitude towards cryptocurrency has changed – for the better. Key parties such as the National Bank of Russia have recognized the potential of cross-border settlements:
Russia’s Deputy Finance Minister Alexei Moiseyev said the country’s top bank and the Ministry of Finance have reached an agreement to allow the use of cryptocurrency for international payments, Russia’s Kommersant reported on September 22.
This interest stems from international sanctions restricting the country’s access to global payment systems imposed on Russia as a result of the Russian-Ukrainian conflict.
In addition, officials have previously touted the country’s desire to create a national crypto exchange. However, this idea was shelved after many industry stakeholders voted against it. Instead, they advised the authorities to formulate rules that would allow private companies to set up such exchanges.
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