Russian miners start exporting cryptocurrencies

  

Russian

miners start exporting cryptocurrencies

Russian miners are preparing to start exporting cryptocurrencies

in the same way as exporting gas

According to

an initiative recently drafted by the Russian Ministry of Finance.

This initiative aims to establish a legislative framework that

allows miners to export the cryptocurrencies they mine.

This enhances

its role as a similar producer to natural resources such as gas.

The Russian Deputy Minister of

Finance Ivan Tshebiskov revealed this innovative approach

during his speech on "cryptocurrencies and the future of

digital finance," according to a report by the Russian news agency TASS.

The initiative includes

a legislative framework that allows miners to export

cryptocurrencies they mine in a manner similar to

the export of gas and other natural resources.

Chepiskov explained:

"There is an option and a bill - to export cryptocurrencies as a mining product"

indicating that this new legislative initiative could be implemented in Russia.

Under recent developments, Russian miners are preparing to export cryptocurrencies in a manner similar to gas exports

This is

at a time when the Ministry of

Finance and the Bank of Russia are aligning their positions on

the recognition of cryptocurrency mining as a legitimate industry

and are studying the possibility of using cryptocurrencies

in foreign economic activities in a pilot framework.

A bill was introduced in

November 2022 to legislate cryptocurrency mining

and identify

appropriate mechanisms : to allow miners to sell their cryptocurrencies

and the law imposes restrictions on advertising

and public offering of cryptocurrencies.

The project allows miners to bypass Russian infrastructure and sell cryptocurrencies mined on foreign platforms.

The project also

requires that these financial operations be reported to the Federal

Tax Service. The Central Bank has confirmed that the sale of

cryptocurrencies is limited to non-residents.

In the summer of 2023

The Chairman of the Committee of the State Duma Financial

Market noted that a bill to regulate cryptocurrency mining

may be enacted in 2024, which is an important step towards

regulating and legislating cryptocurrency mining in Russia.

In October

the Russian Ministry of

Finance announced that : it was cautiously considering the possibility of

integrating traditional digital financial assets

with the dynamic cryptocurrency market.

In November

the Bank of Russia announced its cooperation with regulators in

the United Arab Emirates to establish a system of payments

and settlement using digital ruble, the digital currency of

the Central Bank of Russia.

A cross-border

payment platform in Russia officially announced its business

in December

and will enable local legal entities to process

international settlements using cryptocurrencies.