Russia Considers Regulating Crypto Exports
The government of Russia is considering regulating cryptocurrency exports in the same manner as commodities such as gas. This move comes as part of a cryptocurrency mining bill that was introduced to the State Duma in November 2022.
An Update on the Crypto Mining Bill
Ivan Chebeskov, deputy minister of finance, provided an update on this development during the “Cryptocurrency and the future of digital finance” forum. Chebeskov stated that there is an option and a bill to allow miners to export the cryptocurrency they mine as a product. This means that cryptocurrency could be treated as an export product, similar to other commodities.
Cryptocurrency Mining as a Legal Industry
The Bank of Russia and the Ministry of Finance are leaning towards recognizing cryptocurrency mining as a legal industry and are exploring the possibility of using crypto in cross-border settlements. The bank previously stated that the cryptocurrency obtained through mining should be sold on international exchanges to non-Russian individuals.
Approval and Growth of Crypto in Russia
Anatoly Aksakov, the head of the State Duma Committee on the Financial Markets, has projected that the mining bill will be approved next year. However, it is still under development. Cryptocurrency mining has become a popular and profitable industry in Russia, with reports suggesting that $740 million worth of crypto assets were mined in 2022. Additionally, a recent Rosfinmonitoring report revealed a significant increase in Russian interest in cryptocurrency, with over 185,000 transactions registered in the first nine months of 2023.
Hot Take: Russia’s Potential Expansion of Crypto Exports
The Russian government’s consideration of regulating cryptocurrency exports is a significant step towards integrating cryptocurrencies into the country’s economy. By allowing miners to sell their crypto assets on international markets, Russia could potentially boost its export revenue and attract more investors in the crypto industry. This move also highlights the increasing acceptance and recognition of cryptocurrencies globally. If the mining bill is approved, it may pave the way for other countries to follow suit and establish clearer regulations for crypto exports. Overall, this development showcases Russia’s willingness to adapt to the changing landscape of digital finance.
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