Osman Kabaloev: The mined cryptocurrency can be spent on imported goods

The head of the department of financial policy of the Ministry of Finance said that Russia will finally adopt a law on mining, allowing the use of mined cryptocurrency to purchase goods abroad.

Osman Kabaloev, speaking before the International Chamber of Commerce (ICC Russia), said that the Ministry of Finance and the Central Bank had reached a consensus on the legal use of digital currencies.

A rule allowing the use of mined crypto assets in foreign trade outside the Russian financial market will appear as an amendment to the second reading of the bill on mining. In foreign trade, it will be allowed to use only the cryptocurrency mined in Russia, the official clarified.

“Legalization of mining and the use of cryptocurrency obtained through mining for the purposes of foreign trade is the first approach with which everyone agreed. We continue to work on the bill,” the head of the department assured.

To complete the work on amendments to the bill, the department “remains to agree on a few details within the law enforcement block,” admitted Osman Kabaloev. The bill, taking into account the new amendments, can be adopted by the State Duma before the beginning of August, a representative of the Ministry of Finance believes.

On Tuesday, February 27, the State Duma approved in the second and third, final reading, the draft law on the use of digital financial assets (DFA) for international payments.