Russia toys with bill for mined crypto to become export product

Crypto miners in Russia may benefit from special legislation next year, that allows them to export their mined cryptocurrency as an export product.

Deputy minister of finance Ivan Chebeskov discussed the plans at a round table about the future of digital finance, according to local outlet RBC.

“There is an option and a bill to use the export of cryptocurrency as a product of mining activity. That is, there is special legislation for the export of gas,” Chebeskov said (translated from Russian).

A bill regulating crypto mining in Russia has been in the works for years, marked with periodic delays thanks to disagreements with Russia’s central bank. However, Chebeskov has recently said that a “common ground” is slowly being found.

Read more: Russian founder of sanctioned exchange Garantex starts Tether desk

Under this legislation, crypto mining would be seen as a legitimate industry. Russia’s central bank, however, insists that miners would need to sell crypto exclusively on overseas platforms to non-residents of Russia.

The Bank of Russia is also working on a bill to introduce an “experimental legal regime” for cryptocurrencies to be used exclusively in export-import deals.

These proposed legislations come in response to global sanctions placed against Russia following its invasion of Ukraine.

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