Russia is considering a proposal that would allow cryptocurrency miners to classify the coins they produce as export products. The announcement was made by Deputy Finance Minister Ivan Chebeskov at a recent roundtable discussion.
Speaking at the “Cryptocurrency and the Future of Digital Finance” event, Chebeskov explained that draft legislation is being formulated based on rules currently in place for natural gas exports.
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The proposal would allow miners to sell cryptocurrencies overseas
Under the proposal, miners would be able to sell the cryptocurrencies they generate directly to overseas buyers as an export.
“There is an option and a bill to use the export of cryptocurrency as a product of mining activity,” Chebeskov stated.
The Ministry of Finance and Russia’s central bank have aligned their stances on recognizing cryptocurrency mining as a formal industry and enabling settlements utilizing digital currencies in foreign trade, according to Chebeskov.
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A separate bill legalizing cryptocurrency mining passed its first reading in Russia’s lower house, the State Duma, last year. The legislation defines a framework for miners to sell cryptocurrencies while prohibiting the open advertising of digital currencies to unlimited audiences.
It mandates that miners only access foreign-based exchanges and wallet platforms when transferring newly minted coins. All transactions must also be reported to the Federal Tax Service.
Anatoly Aksakov, head of the State Duma’s Financial Market Committee, projects that the mining regulations could take effect sometime in 2024, following further debate and revisions. The timeline remains fluid at the moment.