According to Anatoly Aksakov, chairman of the State Duma committee on the financial market, crypto mining in Russia could be legal as early as 2024.
Aksakov made a comment at the St. Petersburg International Economic Forum in 2023 about the role mining can play in the Russian economy.
According to the event’s English interpreter, the lawmaker stated that the first reading of the four bills that will legalize crypto mining in the country is scheduled for July, and the State Duma will pass the bills. It will start the process for them to become law.
In addition to regulating crypto mining, the bills will cover topics such as crypto mining regulations, miner taxation, and fines for illegal mining activities.
According to the Russian Ministry of Finance, the country’s miners generate about $4 billion in crypto, resulting in about $1.2 billion in profits. The ministry also highlighted Russia’s growing role in the mining sector, highlighting that it produces the second largest mining power in the world.
Russia is embracing crypto for international transactions.
However, the Russian authorities’ dance with crypto is not about internal adoption, but about using it for cross-border transactions.
As the country faces sanctions from several world powers over its invasion of Ukraine, authorities have looked for ways to lessen the impact on international trade.
Aksakov noted that the cryptocurrencies mined would be used for cross-border settlements with foreign partners. This corresponds to previous reports that the country’s central bank wants to allow Russian entities to establish specialized authorized organizations for cryptocurrency mining.
In addition, the regulator, which has an anti-crypto stance, supports the use of crypto for international payments.
More recently, one of the largest banks in the Federation, Rosbank, showed its intention to support payments for imported goods and services in crypto. The bank stated that these transactions would strictly comply with existing legal requirements.
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