CB RF: Mined cryptocurrencies can only be sold abroad – Bits Media

Despite the early ban on cryptocurrency mining, The Bank of Russia agreed to the legalization of the extraction of digital assets subject to their sale outside the territory of the Russian Federation.

Head of the Department of Financial Technologies of the Central Bank of the Russian Federation Kirill Pronin during a discussion at St. Petersburg reported at the international legal forum, that the Central Bank approves the creation of a regulatory framework for cryptocurrency mining.

“Mining is not the subject and area of ​​responsibility of the Bank of Russia, however, mining is one of the ways to acquire cryptocurrency as payment, rewards for that variation, transaction, which is performed during mining. In this regard, the legalization of mining can be discussed, but here a number of conditions must be specified, which, In our opinion, in this regard must be implemented", – said Pronin.

He considers, that digital assets, which miners will mine, must be sold for fiat money and only abroad.

“By and large we are talking about, that there should be an export of these mining services, and the business of miners should not lead to the accumulation of cryptocurrency within the country, With that, so as not to create motivation for its subsequent use in payments within the country", – added the Chairman of the Department of Financial Technologies of the Central Bank of the Russian Federation.

In turn, the head of the financial policy department of the Ministry of Finance, Ivan Chebeskov, noted, that a number of Russian mining companies are being prevented from withdrawing money abroad.

“Maybe we need to have some kind of infrastructure here? Some kind of exchanger, to accumulate liquidity and somehow send this liquidity there. Or should they mine here, and as you wish, so transfer it to fiat abroad. How should they work??», – asks Chebeskov.

In response, Pronin stated, that miners can accumulate the received cryptocurrency in their wallets, which are opened in public blockchains and are unlikely to be blocked by anyone, and implement it from there.

Although most regulators agreed with the legalization of mining in Russia, they are not going to give any concessions. The new bill does not provide for amnesty, exempting miners from customs clearance of equipment and taxes.