Russia Poised to Let Miners Sell Coins Abroad as ‘Exports’

Russia is considering allowing industrial miners to sell cryptocurrencies abroad as “export products,” according to the nation’s finance ministry. The Deputy Minister of Finance, Ivan Chebeskov, revealed that the ministry has drafted a bill to facilitate the export of cryptoassets generated through mining activities. This legislative initiative aims to provide a legal framework for crypto mining in Russia, a sector that has faced obstacles due to conflicting perspectives within the government. While the Ministry of Finance supports a progressive approach, the Central Bank has advocated for a nationwide crypto ban. However, recent developments suggest that the government is moving towards finding common ground on cryptocurrency-related matters. The Central Bank is open to permitting settlements in cryptocurrencies for foreign economic activities, but within a supervised experimental sandbox environment. Additionally, the bank insists that miners sell their coins exclusively on overseas platforms and to non-residents of Russia. Despite previous delays, the finance ministry remains optimistic about the chances of passing its new bill and regulating the crypto mining industry.