Russia plans to classify mined cryptocurrencies as exportable goods

The Russian Ministry of Finance has proposed allowing cryptocurrency miners to export cryptocurrencies similar to other goods, local media outlet RBC reported.

The proposal was revealed by Deputy Finance Minister Ivan Chebeskov during a roundtable discussion titled “Cryptocurrencies and the future of digital finance.” He emphasized his intention to create legislation that mirrors natural gas export norms for cryptocurrency exports.

Chebeskov said that the Ministry of Defense has come up with a concept and project that will allow miners to export mined products, cryptocurrency, as export goods. A translated version of his statement follows:

“We have developed a concept and project that allows miners to export the results of their mining, i.e. cryptocurrency, as an export product. “Such legislation is being proposed in our country as well,” he said.

Cryptocurrency mining in Russia

Russia produces the second largest mining power in the world, which indicates its strength in this sector. However, despite these developments, authorities have not yet legalized cryptocurrency mining activities within their jurisdiction.

A bill addressing this gap was submitted to the State Duma last year. The proposed legislation outlines the procedures for selling mined cryptocurrency assets, including sales to offshore platforms. However, miners would be required to disclose information to the federal tax office under the bill.

Meanwhile, the Central Bank of Russia only allows selling mined cryptocurrencies to foreign platforms and non-residents.

Russia’s Cryptocurrency Efforts

Over the past year, Russia’s attitude towards cryptocurrencies has changed, with key stakeholders such as Russian banks recognizing their potential for cross-border payments. This concern stems from international sanctions that limit the country’s access to global payment systems.

Additionally, officials have previously touted the country’s desire to establish a national cryptocurrency exchange. However, the idea was shelved after receiving opposition from several stakeholders in the industry. Instead, authorities were advised to enact rules allowing private companies to set up such exchanges.