Russian Industrial Miners May Gain the Right to Sell Crypto as Exports
The Russian finance ministry has proposed a bill that would allow industrial miners to sell cryptocurrency as an export product. Deputy Minister of Finance Ivan Chebeskov stated that this legislation is being developed to create a framework for miners to export the cryptocurrency they have mined. This move could be a significant step towards the legalization of the crypto sector in Russia.
Russian Crypto Sector Inching Toward Legalization?
Efforts to legalize crypto mining in Russia have faced challenges due to disagreements between government ministries. The Central Bank has favored a nationwide ban, while the Ministry of Finance supports a more pro-business approach. However, recent indications suggest that compromises are being made on various crypto-related issues.
Recognition of Mining as an Industry
Chebeskov revealed that the Ministry of Finance and the Central Bank have found common ground on recognizing cryptocurrency mining as an industry. The bank is also open to allowing settlements with cryptocurrencies in foreign economic activities, albeit within an experimental sandbox framework. However, the bank insists that coins must be sold exclusively on overseas platforms and only to non-residents of Russia.
Prospects for Success
While previous attempts at crypto regulation have faltered, Chebeskov’s comments suggest that the ministry is optimistic about the chances of their new bill succeeding. A bill regulating the crypto mining industry was expected to come into force in January 2024 but now faces delays. It remains to be seen whether this latest proposal will gain traction and bring about significant changes in Russia’s crypto landscape.
Hot Take: Russia Opens Doors for Crypto Exports
Russia’s finance ministry has proposed a bill that would allow industrial miners to sell their cryptocurrency abroad as export products. This move could mark a significant step towards the legalization and regulation of the crypto sector in Russia. Despite previous challenges and disagreements between government ministries, recent indications suggest that compromises are being made on various crypto-related matters. The ministry’s optimism about the chances of this bill succeeding indicates a positive outlook for the future of crypto in Russia. However, it remains to be seen how this proposal will progress and whether it will bring about significant changes in the country’s crypto landscape.
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