Aksakov disclosed that in November, the various authorities involved in the regulation of cryptocurrencies failed to reach a consensus on a set of bills. The government, the Ministry of Finance, the Ministry of Economy, the Central Bank, and the security forces disagreed on key aspects of the proposed regulations.
“We will reconvene in January to discuss the crucial issues surrounding this topic. The cryptocurrency market in Russia is significant, and prominent players engaged in mining and cryptocurrency circulation are requesting regulation and are even willing to pay taxes. Therefore, I anticipate the adoption of legislation in the first half of 2024,” Aksakov stated.
The Russian government is also currently considering implementing a 20% tax on miners’ income.
“We may opt to tax income rather than profit. Regardless, this tax collection will serve as an additional revenue stream for the budget,” he elaborated.
Aksakov additionally mentioned that the authorities aim to introduce legislation concerning the use of digital financial assets for international payments early next year.
“Following this, the second quarter will witness the implementation of an experiment on cross-border settlements with digital financial assets. We could potentially test this mechanism, if not permanently,” he confirmed.
The official also addressed the proposal to permit miners to sell cryptocurrency as an export product.
“The suggestion to employ cryptocurrency for international payments in trade is absolutely valid. We will exert every effort to pass the law in the first reading in March, and in the second reading in April-May. Subsequently, businesses will be able to legally conduct cross-border transactions with cryptocurrencies in the latter half of 2024,” the official conveyed.
Previously, Deputy Minister of Finance Ivan Chebeskov proposed exporting cryptocurrency produced by Russian miners, drawing a parallel with the exportation of hydrocarbon resources.
In November, it was revealed that the Ministry of Energy planned to significantly raise electricity tariffs for major Siberian mining centers. The region already struggles to meet other consumers’ energy demands, and the country’s industrial mining volume has tripled in the past three years.