Russia Takes Cryptocurrency Mining Exports to Treasure Trove Status!

Konstantin Lomashuk and Vasiliy Shapovalov are relaunching a company and establishing an investment fund named ‘cyber.Fund’ valued at up to $100 million.

According to local media RBC, at a roundtable discussion titled “Cryptocurrency and the Future of Digital Finance” on December 13, Deputy Finance Minister Ivan Chebeskov stated that when a project allows miners to export the products they mine (which are cryptocurrencies), it will be viewed as other export commodities.

There is an option and a bill to use the export of cryptocurrencies as a product of mining activity. In other words, there is a special law for export.

Ivan Chebeskov stated

Russia ranks among the countries with the largest Bitcoin mining capacities globally. Despite these advancements, the Russian government hasn’t yet fully legalized cryptocurrency mining activities within their jurisdiction.

Last year, a draft law was proposed to the government outlining procedures for selling mined Bitcoins. Miners, however, would need to disclose information to the Federal Tax Service under this draft law.

Russia’s stance on cryptocurrencies in recent years has been gradually evolving, partly due to international sanctions aimed at limiting the country’s access to global payment systems.

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