Russia plans to sell mined cryptocurrencies as export products

The Russian Deputy Minister of Finance, Ivan Chebeskov, has recently proposed for miners to export cryptocurrencies earned through mining in a similar way to how natural gas is exported.

Cryptocurrency mining is a process used to validate transactions on a blockchain. For each successfully mined block, miners are rewarded with new coins and transaction fees. Examples of crypto coins that can be mined include Bitcoin (BTC), Monero (XMR), and Litecoin (LTC).

According to a Russian local media outlet the Minister speaking at the event “Cryptocurrency and the future of digital finance” stated that in view of the special legislation for the export of gas, a miner could export the product of what he mined, that is, cryptocurrency as an export product.”

He further mentioned that a legislative initiative covering his proposal is being formed in the country. The Minister’s proposal comes months after the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, mentioned that a cryptocurrency mining regulation bill could be implemented in 2024.

For Chebeskov, the Ministry of Finance and the Bank of Russia see cryptocurrency mining as an industry and believe crypto someday could be used as a tender for international payments.

The 2022 bill proposed to legalize cryptocurrency mining in the country and detailed the mechanism of sale, alongside advertising guidelines.  The Russian Central Bank noted that the cryptocurrency obtained as a result of mining can be sold on foreign sites without using Russian information infrastructure, and only to non-residents.

Additionally, before obtaining the mined cryptocurrency either through unregulated platforms or platforms created as part of the experiment, the miners will have to notify the Federal Tax Service.

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