According to Russian local news agency RBC, the Russian Ministry of Finance is considering the idea of exporting cryptocurrencies produced from mining activities carried out in the country and has proposed a new proposal for this.
Speaking to RBC, Deputy Minister of Finance Ivan Chebeskov said that the mechanism for exporting crypto produced as a result of crypto mining activity will work similar to the country's natural gas export.
Stating that Russian miners can also get permission to export the cryptocurrency they produce, Ivan Chebeskov said:
“There is an option and a bill to use cryptocurrency exports as a product of mining activity.
So, there is special legislation regarding gas export, for example, using this example, we developed a concept, a project, so that a miner can export the product he produces, that is, cryptocurrency, as an export product.
In this context, such a legislative initiative is being formed in the country.”
As you may remember, a bill to legalize cryptocurrency mining in Russia was submitted to the State Duma in November 2022. At this point, it is estimated that this law regulating cryptocurrency mining may come into force in 2024.
*This is not investment advice.
