The Russian Ministry of Finance is pioneering a concept that categorizes cryptocurrency as a tradable product, allowing it to be exported similarly to conventional commodities like gas. Ivan Chebeskov, Deputy Minister of Finance, presented this innovative proposal during a round table discussion titled “Cryptocurrency and the Future of Digital Finance.”
Under this approach, regulations for cryptocurrency exports would mirror those established for gas exports, providing miners with the opportunity to market their digital assets as exportable products.
This development follows the submission of a bill to the State Duma in November 2022, aiming to legalize cryptocurrency mining and establish mechanisms for the sale of mined currency. The bill also addresses the prohibition of digital currency advertising and mandates that cryptocurrency should be sold through foreign platforms, excluding the use of Russian information infrastructure.
Both the Ministry of Finance and the Bank of Russia converge on recognizing cryptocurrency mining as a legitimate industry, advocating for the facilitation of settlements with cryptocurrencies in foreign economic activities within an experimental framework.
The proposed bill stipulates that miners can acquire cryptocurrency through foreign systems or a designated experimental platform.
Regardless of the method, miners are required to report transactions to the Federal Tax Service. The Central Bank guides miners to restrict the sale of mined cryptocurrency to foreign infrastructure and limit it to non-residents.
Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, suggests that the bill regulating cryptocurrency mining could potentially take effect in 2024. The document is currently undergoing further refinement after its initial reading in the State Duma.
This initiative signifies a significant shift in Russia’s approach to cryptocurrency, demonstrating a desire to integrate it into the mainstream economic framework. The proposal provides miners with a legitimate and regulated avenue to monetize their digital assets.
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