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

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Source: artiemedvedev/Adobe

Russian industrial miners may be given the right to sell cryptoassets as “export products,” the nation’s finance ministry said.

Per RBC, the country’s Deputy Minister of Finance Ivan Chebeskov made the comments at a round table event named “Cryptocurrency and the Future of Digital Finance.”

Chebeskov said that the ministry had prepared a bill that would allow miners to “export cryptocurrency as a product of mining activity.” He said:

“We have special legislation for the export of gas, for example. Using such examples, we developed a concept. This will allow miners to export the product of what they have mined – namely, cryptocurrency. It could become an export product. This legislative initiative is […] being created in Russia.”

Russian Crypto Sector Inching Toward Legalization?

Russian politicians have previously launched several attempts to legalize crypto mining. But progress has stalled on each occasion.

Part of the reason for this has been an impasse between government ministries including the Ministry of Finance and the Central Bank.

The latter wants to enact a nationwide crypto ban, while the former favors a more progressive, pro-business approach to the sector.

But in recent months, the parties have indicated they are prepared to compromise on many crypto-related matters.