Russia Proposes Exporting Mined Cryptocurrency, Similar to Gas
In Brief
Russia’s Ministry of Finance is proposing an approach to treat mined cryptocurrency as an export commodity, akin to gas.
The Russian Ministry of Finance developed a concept allowing the export of cryptocurrency as a product of mining activities. This approach positions cryptocurrency on par with traditional exports like gas, potentially transforming the digital currency landscape.
Ivan Chebeskov, the Deputy Minister of Finance, discussed this initiative at a round table titled “Cryptocurrency and the future of digital finance.” He explained that regulations for cryptocurrency exports would mirror those for gas exports, allowing miners to sell their digital assets as export products.
The proposal follows a bill submitted to the State Duma in November 2022. This bill aims to legalize cryptocurrency mining and establish mechanisms for selling mined currency. It includes provisions to ban digital currency advertising. Additionally, it mandates the sale of cryptocurrency through foreign platforms, thereby excluding the use of Russian information infrastructure.
The Ministry of Finance and the Bank of Russia both agree on recognizing cryptocurrency mining as an industry. They also support enabling settlements with cryptocurrencies in foreign economic activities, as part of an experimental framework.
Russian Regulatory Compliance
According to the proposed bill, miners can obtain cryptocurrency through foreign systems or a platform created for the experiment. In both scenarios, miners must inform the Federal Tax Service about the transactions. The Central Bank directs that miners confine the sale of mined cryptocurrency to foreign infrastructure and limit it to non-residents.
Anatoly Aksakov, head of the State Duma Committee on the Financial Market, indicated that the bill regulating cryptocurrency mining could become effective in 2024. The document is currently undergoing further work following its first reading in the State Duma.
This initiative reflects Russia’s evolving perspective on cryptocurrency, aiming to integrate it into the mainstream economic framework. It provides miners with a legitimate and regulated channel to monetize their digital assets.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
