The Russian Ministry of Finance has proposed a groundbreaking concept of treating cryptocurrencies as exportable products resulting from mining activities, aligning them with traditional exports like natural gas. Ivan Chebeskov, the Deputy Minister of Finance, presented this idea during a round table discussion on “Cryptocurrency and the Future of Digital Finance.”
The suggested regulations for cryptocurrency exports draw inspiration from those governing natural gas exports, allowing miners to sell their digital assets as internationally tradable products. This move marks a significant potential shift in the dynamics of the digital currency industry.
This proposal comes on the heels of a bill submitted to the State Duma in November 2022, aiming to legalize Bitcoin mining and establish frameworks for currency sales. The bill, supported by both the Ministry of Finance and the Bank of Russia, includes provisions to ban cryptocurrency advertising and mandates cryptocurrency sales through foreign platforms, excluding Russian information infrastructure.
The endorsement of cryptocurrency mining as an industry by both authorities is part of an experimental framework that also supports the use of cryptocurrencies in foreign economic activities. According to the proposed bill, cryptocurrency miners can acquire digital currencies through foreign systems or a dedicated platform established for this experiment. However, they are required to report these transactions to the Federal Tax Service.
The Central Bank suggests limiting the sale of mined cryptocurrencies to non-residents and conducting transactions exclusively through foreign infrastructure. Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, hinted that the bill regulating cryptocurrency mining could potentially become effective in 2024, pending further refinement after its initial reading.
In addition to these developments, Russia has been actively pursuing its central bank digital currency (CBDC) plans. In July, President Vladimir Putin signed a bill officially introducing the digital ruble, which will operate alongside cash and non-cash rubles as a new form of payment. The digital ruble is seen as a strategic move to reduce dependence on the SWIFT payment system, providing Russia with greater autonomy in international settlements.