In Moscow, the Ministry of Finance proposes a new regulatory framework for cryptocurrency mining with the goal of monetizing the country’s extensive natural resources.
The Russian Finance Minister Ivan Chebeskov is working on a new approach to cryptocurrency mining within the country. The idea is to consider cryptocurrencies mined within Russian territory as an exportable commodity, similar to natural gas.
To make the proposed law operational, the Ministry of Finance intends to create a regulatory framework that allows miners to export mined cryptocurrencies, treating them as a product of their work. The framework will be modeled based on existing laws related to the export of natural gas.
The proposal would allow miners to sell the cryptocurrencies obtained through mining on foreign marketplaces, ‘without using Russian infrastructure.’
Tax obligations and potential geopolitical benefits
Each transaction should be reported to the Russian Federal Tax Service. If the bill were to be passed, it would give Russia the opportunity to convert its energy resources into an easily monetizable product. This process could potentially strengthen Russian finances and provide an option to circumvent sanctions imposed on the country.
Agreement with the Russian Central Bank
In addition, an agreement has been reached with the Russian Central Bank to consider the cryptocurrency mining industry a legitimate activity. This agreement envisages exploring methods to facilitate the use of cryptocurrencies in international economic transactions.
