Russia is considering a new proposal that would allow cryptocurrency miners to categorize the digital coins they generate as export products. This potential shift in regulation could create a framework for recognizing and treating bitcoin mining activities within the context of international trade.
The Deputy Finance Minister, Ivan Chebeskov, revealed that the ministry has drafted a proposal to enable miners to export cryptocurrency generated through mining activities. Taking inspiration from existing legislation governing gas export, the concept aims to facilitate the export of mined cryptocurrency. The legislative initiative is currently being developed in Russia.
The Bank of Russia and the Ministry of Finance are supportive of using cryptocurrencies for settlements in international economic activity under experimental conditions. They also encourage the recognition of the cryptocurrency industry as a legitimate sector.
According to the proposed bill, cryptocurrency miners can obtain virtual money through foreign systems or a special platform created for the trial. The State Duma, Russia’s lower house, previously approved a measure that legalized cryptocurrency mining on its first reading. However, the law prohibits the open promotion of digital currencies to unrestricted public audiences and requires miners to trade cryptocurrency solely through foreign exchanges and wallet systems.
Anatoly Aksakov, the chairman of the State Duma’s Committee on Financial Markets, stated that a law governing the cryptocurrency mining sector is expected to take effect in January 2024. While this timeline may not be feasible, Chebeskov’s remarks suggest that the ministry is optimistic about the success of the new law.
In July, Russian President Vladimir Putin approved a measure that would introduce the nation’s digital ruble. This action grants the Bank of Russia the legal authority to serve as the platform operator for the digital ruble.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Ivan Chebeskov, Anatoly Aksakov, Vladimir Putin |
| Companies | Federal Tax Service, Ministry of Finance, Bank of Russia, State Duma, TradingView.com |
| Currencies | Koda Cryptocurrency, Russian Ruble, US Dollar |
| Securities | None |
