Government of Russia Eyes Commodity-Like Crypto Exports

Government of Russia Mulls Allowing Commodity-Like Crypto Exports

The government of Russia might allow crypto miners to sell their cryptocurrency like other exports such as gas. Ivan Chebeskov, deputy minister of finance, specified that this option was part of a bill to legalize cryptocurrency mining introduced in 2022, that could allow miners to proceed with these exports in the same way as with commodities.

Russia Contemplates Regulating Crypto Exports

The government of Russia is contemplating regulating cryptocurrency exports in the same way as commodities like gas. This endeavor would stem from a cryptocurrency mining bill introduced to the State Duma in November 2022.

Ivan Chebeskov, deputy minister of finance, offered an update on this development during the “Cryptocurrency and the future of digital finance” forum. On this issue, Chebeskov stated:

There is an option and a bill – to use the export of cryptocurrency as a product of mining activities. We developed a concept, a project so that a miner could export the product of what he mined, that is, cryptocurrency as an export product. Such a legislative initiative is also being formed in our country.

The Bank of Russia and the Ministry of Finance are inclined to recognize cryptocurrency mining as a legal industry, contemplating using crypto as part of cross-border settlements. The bank had specified before that the cryptocurrency obtained should be sold in international exchanges to non-Russian nationals.

According to statements from Anatoly Aksakov, the head of the State Duma Committee on the Financial Markets, this bill is projected to be approved next year. Nonetheless, it is still being worked on.

Cryptocurrency mining has become a popular and lucrative industry in Russia, with reports indicating that up to $740 million in crypto assets were mined in 2022. A recent Rosfinmonitoring report also confirmed Russian interest in crypto, with the country registering more than 185,000 transactions in the first nine months of 2023, and volumes doubling the ones moved a year before.

What do you think about the cryptocurrency mining dispositions of the Russian government? Tell us in the comments section below.


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