Russia Will Export Crypto Like It Exports Gas!

Members of parliament in Russia are working on a comprehensive bill that could allow the export of cryptocurrencies obtained from mining activities. This bill could come into force in 2024 and allow Russian miners to export their cryptocurrencies.

The #Russian Ministry of Finance is considering the export of digital currencies obtained from mining activities in the country. The Ministry states that this process will work similar to the country's natural gas exports.

Deputy Finance Minister Ivan Chebeskov announced at a table meeting on “The future of cryptocurrencies and digital finance” that Russian miners may receive permission to sell their digital currencies as export goods. Chebeskov made the following statements in this regard:

There is an option and scheme to use cryptocurrency exports as a product of mining activity. For example, there is special legislation for gas exports. Using this example, we developed a concept, a project, so that a miner can export his product, that is, digital money, as an export good. "Such a legal initiative is being created in our country."

#Russia hosts many miners due to its rich resources and low electricity costs. Chebeskov emphasized that the Ministry of Finance and the Bank of Russia have a common stance on accepting cryptocurrency mining as an industry. He also stated that they adopted an experimental approach aimed at exploring the feasibility of paying with digital currencies in foreign economic activities.

The bill submitted by the State Duma in November 2022 aims to legalize cryptocurrency mining. The bill includes strict regulations on the process of miners selling their currencies and digital currency advertising and offers. Additionally, the bill also allows the sale of digital currencies mined on foreign platforms.

$BTC $BNB $ETH