Russia is considering a new strategy that would categorize mined cryptocurrency as an export item, much like natural gas, according to reports from Metaverse Post.

The Russian Ministry of Finance They have proposed a plan that would enable the exportation of cryptocurrency as a product derived from mining operations. This strategy aims to position cryptocurrencies alongside conventional exports like gas, which could lead to significant changes in the digital currency sector.

During a roundtable discussion titled 'Cryptocurrency and the Future of Digital Finance,' Ivan Chebeskov, Deputy Minister of Finance, elaborated on this initiative, explaining that the regulations for exporting crypto would be aligned with existing gas export regulations, thus enabling miners to market their digital currencies as export goods. cryptocurrency This proposal is a follow-up to a bill presented to the State Duma in November 2022, which seeks to legitimize cryptocurrency mining and establish protocols for monetizing mined assets. Notably, it also aims to eliminate digital currency advertising and mandates that cryptocurrencies be sold exclusively via international platforms, thereby bypassing Russian digital infrastructure.

There is a shared consensus among stakeholders on officially acknowledging cryptocurrency mining as a legitimate industry. They also support the idea of allowing cryptocurrency transactions in international trade as part of a pilot program.

The Ministry of Finance and the Bank of Russia Per the proposed legislation, miners can acquire cryptocurrency through either foreign platforms or a specially designed system for this initiative. In both instances, miners would need to notify the regulatory authorities about their transactions. The Central Bank advises that miners limit the commercialization of mined cryptocurrencies to foreign platforms and restrict dealings to non-residents.

Russian Regulatory Compliance

Anatoly Aksakov, who leads the State Duma Committee on the Financial Market, suggested that the bill concerning cryptocurrency mining regulations could potentially take effect in 2024. It is currently undergoing further revisions following its initial reading in the State Duma. Federal Tax Service This initiative showcases a shifting stance in Russia towards cryptocurrencies, aiming to weave them into the fabric of the national economy. By doing so, it offers miners a lawful and regulated method to capitalize on their digital resources.

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Nik is a skilled analyst and writer at Metaverse Post, where he specializes in delivering insightful commentary on the rapidly evolving tech landscape, particularly focusing on areas such as AI/ML, XR, VR, on-chain data analytics, and blockchain innovation. His writing captivates a wide audience, equipping them with the knowledge to navigate the constantly shifting technological terrain. With a Master’s degree in Economics and Management, Nik has a deep understanding of the business landscape and the ways it intersects with emerging technologies.