Russia Plans to Export Cryptocurrencies Like Natural Gas

Russia’s Ministry of Finance has proposed the exportation of cryptocurrencies that are produced in the country as a result of mining activities.

In other words, Russian crypto miners are likely to receive authorization to sell crypto to traders outside the region. This proposal is targeted at placing digital assets in the same position as traditional assets like natural gas which is also exported from Russia. 

Russia Plots Exportation of Cryptocurrencies 

Speaking to the Russian media RBC during the round table on “Cryptocurrency and the future of digital finance”, Deputy Minister of Finance Ivan Chebeskov shared details of the innovative proposition. He talked about how the legislation for the export of crypto will resemble that of natural gas.

“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, for example, using this example, we developed a concept, a project so that a miner could export the product of what he mined, that is, cryptocurrency as an export product. Such a legislative initiative is also being formed in our country,” Chebeskov said.

Russia Provides Haven For Crypto Miners

It is worth noting that the availability of affordable electricity and other resources makes Russia a haven for miners. With the new proposal, Russia is looking to make cryptocurrency mining into an industry. Chebeskov acknowledged that the Ministry of Finance and the Bank of Russia shared this unified stance on the matter. 

In addition, this may be the strategy to introduce crypto as a payment option in the region, an idea that the country has been mulling for a while. Previously, Russian lawmakers began to prepare a draft law to adopt digital assets as an official payment method for imports and exports in order to ensure sustainable international trade.

Crypto Regulation in Russia 

Asides the availability of cheaper electricity costs, Russia is keen on rolling out a robust regulatory framework for crypto stakeholders including issuers and investors in the country. In the first half of 2023, lawmakers in Russia began to work on four laws aimed at regulating various parts of crypto adoption in the country. 

The regulation was designed to cut through cross-border crypto payments, digital assets taxation, liability for their illegal use, and even the regulation of crypto mining.