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<p style="text-align: justify">The Russian Ministry of Finance is assessing the idea of allowing the export of cryptocurrencies obtained from mining activities conducted in the country. The ministry envisions that this mechanism could operate in a manner similar to the country’s natural gas exports.</p>
<h2 style="text-align: justify" id="russia-may-allow-miners-to-sell-cryptocurrency-as-an-export-commodity">Russia May Allow Miners to Sell Cryptocurrency as an Export Commodity</h2>
<p style="text-align: justify">During a meeting titled “The Future of <a href="https://en.coin-turk.com/us-economist-warns-of-potential-recession-risk-as-early-as-2024/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Cryptocurrency</a> and Digital Finance,” Deputy Finance Minister Ivan Chebeskov mentioned that Russian miners might be granted the authority to sell their cryptocurrencies as an export commodity. Speaking to the Russian channel RBC, Chebeskov made the following statement:</p>
<blockquote>
 <p style="text-align: justify">There is an option and a draft law for using cryptocurrency exports as a product of mining activities. Just as there is special legislation for gas exports, for example, using this as a model, we have developed a concept, a project, that would allow a miner to export the cryptocurrency they mine as an export product. A legal initiative is being created in our country as well.</p>
</blockquote>
<p style="text-align: justify">Russia hosts many cryptocurrency miners due to the abundance of resources and the ability to provide cheaper electricity. Chebeskov also emphasized that the Ministry of Finance and the Central Bank of Russia agree on recognizing cryptocurrency mining as an industry.</p>
<h2 id="img-loading-lazy-decoding-async-loading-lazy-class-aligncenter-size-full-wp-image-288949-src-https-coin-turk-com-wp-content-uploads-2023-12-rusya-kripto-para-bitcoin-gas-jpg-alt-width-1200-height-800"><img loading="lazy" decoding="async" loading="lazy" class="aligncenter size-full wp-image-288949" src="https://coin-turk.com/wp-content/uploads/2023/12/rusya-kripto-para-bitcoin-gas.jpg" alt="" width="1200" height="800"></h2>
<h2 style="text-align: justify" id="will-crypto-mining-become-legalized">Will Crypto Mining Become Legalized?</h2>
<p style="text-align: justify">In a significant development, lawmakers introduced a critical bill on cryptocurrency mining to the State Duma in November 2022. The proposed bill was aimed at legalizing cryptocurrencies. This draft law specifies the process for miners to sell the resulting cryptocurrency units, within the general framework of clear regulations related to the advertising and offers of cryptocurrency.</p>
<p style="text-align: justify">Moreover, the bill permits the sale of mined cryptocurrencies on foreign platforms without using the Russian information infrastructure. Miners can own cryptocurrency units through foreign systems in compliance with international regulations or via special platforms established as part of an experimental initiative. Nevertheless, regardless of the circumstances, transactions involving the sale of cryptocurrency by miners must be reported to the Federal Tax Service.</p>
<p style="text-align: justify">In light of this situation, Anatoly Aksakov, the Chairman of the State Duma’s Financial Market Committee, expressed the view that a comprehensive law regulating cryptocurrency mining could come into force by 2024, following the summer of 2023.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/russia-to-authorize-cryptocurrency-sales-for-miners-a-step-towards-legalization/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/russia-to-authorize-cryptocurrency-sales-for-miners-a-step-towards-legalization/</a>

Russia to Authorize Cryptocurrency Sales for Miners: A Step Towards Legalization

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