Russia draws up plans to classify mined crypto as an exportable commodity Russia draws up plans to classify mined crypto as an exportable commodity
Russia Deputy Finance Minister revealed a project to allow cryptocurrencies to be exported during a recent talk.
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Updated: Dec. 14, 2023 at 2:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The Russian Ministry of Finance has proposed allowing crypto miners to export their crypto akin to other commodities, local media outlet RBC reported.
During a round table discussion titled “Cryptocurrency and the Future of Digital Finance,” Ivan Chebeskov, the Deputy Finance Minister, unveiled this proposal. He highlighted the intention to create legislation mirroring the export norms of natural gas for cryptocurrency exports.
Chebeskov stated that the ministry had devised a concept and a project to enable miners to export their mined product—cryptocurrency—as an export commodity. A translated version of his statement reads:
“We developed a concept, a project so that a miner could export the product of what he mined, that is, cryptocurrency as an export product. Such a legislative initiative is also being formed in our country.”
Crypto mining in Russia
Russia produces the second-largest mining power in the world, indicating its strength in the sector. However, despite such advancements, the authorities are yet to legalize crypto-mining activities within their jurisdiction.
A bill addressing this lacuna was introduced to the State Duma last year. The proposed bill outlines procedures for selling mined crypto assets, including foreign platform sales. However, miners must disclose information to the Federal Tax Service under this legislation.
Meanwhile, the Central Bank of Russia permits the sale of mined cryptocurrencies exclusively on foreign platforms and to non-residents.
Russia’s crypto efforts
During the past year, Russia’s attitude toward crypto has shifted, with key stakeholders like the Bank of Russia acknowledging its potential for cross-border settlements. This interest stems from international sanctions limiting the country’s access to global payment systems.
Besides that, officials previously touted the country’s desire to establish a national crypto exchange. However, the idea was shelved after it was kicked against by several stakeholders in the industry. Instead, the authorities have been advised to formulate rules allowing private companies to establish such exchanges.
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