Russia is considering a proposal to allow the export of cryptocurrencies as part of a broader effort to regulate cryptocurrency mining.

What Happened: Ivan Chebeskov, the Deputy Minister of Finance, highlighted this development at a round table titled “Cryptocurrency and the future of digital finance.”

According to Russian media RBC, a potential bill is expected to be effective in 2024.

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“We are exploring the possibility of exporting cryptocurrency as a product of mining activities,” Chebeskov said. “Drawing parallels with our gas export legislation, we aim to enable miners to export the product of their mining activities, namely cryptocurrencies.”

This proposal aligns with the Ministry of Finance and the Bank of Russia’s joint stance on recognizing cryptocurrency mining as a legitimate industry.

It also aims to facilitate cryptocurrency transactions in foreign economic activities as part of an experimental phase.

A bill submitted to the State Duma in November 2022 seeks to legalize cryptocurrency mining.

It outlines mechanisms for selling mined currency and prohibits the advertising or offering of digital currency to an unlimited audience.

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According to the bill, mined cryptocurrencies can be sold on foreign platforms, bypassing Russia’s information infrastructure.

Miners have two options for selling their mined cryptocurrencies: through foreign systems, disregarding currency regulation laws, or via a platform established under the experimental framework.

In both scenarios, transactions must be reported to the Federal Tax Service.

The Central Bank mandates that mined cryptocurrencies be sold exclusively using foreign information infrastructure and only to non-residents.

Anatoly Aksakov, the head of the State Duma Committee on the Financial Market, indicated in the summer of 2023 that the bill regulating cryptocurrency mining could be enacted in 2024.

The bill is currently undergoing further development following its first reading.

This proposal marks a significant step in Russia’s approach to cryptocurrency, potentially positioning the country as a key player in the global digital currency market.

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