The Russian Finance Ministry is considering allowing cryptocurrency miners to classify the cryptocurrencies they mine as exports, classifying the commodity and operating in a similar manner to natural gas exports.
Russian Deputy Finance Minister Ivan Chebeskov recently stated that the Russian government is drafting legislation to allow miners to sell their mined cryptocurrency as export products based on current restrictions on natural gas exports. Many miners have set up residence in Russia given its abundant resources and low electricity prices.
Chebeskov also emphasized that the Ministry of Finance recognizes cryptocurrency mining as a profession. In addition, another goal of the program is to experimentally study the feasibility of using cryptocurrency settlements in international economic transactions.
The Central Bank of Russia stated that mined cryptocurrencies can only be sold to non-Russian residents through foreign information infrastructure. Anatoly Aksakov, chairman of the Russian State Duma Financial Markets Committee, hinted in the summer of 2023 that legislation to comprehensively regulate cryptocurrency mining could come into effect in 2024. The legislation has been refined since its initial review. (bitcoinworld)