The Ministry of Finance has developed amendments on the use of cryptocurrency in foreign trade

The head of the banking regulation department of the financial policy department of the Ministry of Finance, Osman Kabaloev, said that the bill on mining could be adopted in the current parliamentary session. The document also envisages the use of cryptocurrency produced in Russia for settlements in international trade.

“It is no secret to anyone that the first approach that everyone agreed with was precisely the legalization of mining and the use of cryptocurrency obtained through mining for the purposes of foreign trade. We continue to work on this bill,” said Osman Kabaloev, speaking at the International Chamber of Commerce in Russia (ICC Russia) forum “Digital tools for real business: overcoming borders” (quoted by RBC).

Mr. Kabaloev noted that the Ministry of Finance is “in long disputes and debates” with the Central Bank on issues related to the regulation of cryptocurrencies. According to him, the Ministry of Finance was able to reach a consensus with the regulator on the topic of using digital currencies in foreign trade activities. He also said that work on this amendment is almost complete, “there are literally a few details left that need to be agreed upon within the law enforcement department.”

Osman Kabaloev explained that the rule on the use of cryptocurrency in foreign trade is part of the amendments to the second reading of the bill on mining. The Ministry of Finance developed this document in December 2023. According to it, Russian miners will be able to sell cryptocurrency for export as a product of mining activity. The mechanism will work in a similar way to gas exports.

Amendments legalizing cryptocurrency mining in Russia were introduced to the State Duma in November 2022. They involve a mechanism for the sale of digital currency by miners, and also prohibit its advertising or offering to an unlimited number of people. The mined cryptocurrency can be sold on foreign platforms “without using Russian information infrastructure.” The Federal Tax Service will need to be notified of transactions. In the summer of 2023, the head of the State Duma Committee on the Financial Market, Anatoly Aksakov, said that the amendments could begin to take effect as early as 2024.

Read more about the initiative in material Kommersant FM.