The head of the State Duma Committee on Financial Markets, speaking at the St. Petersburg International Economic Forum, said that cryptocurrency mining in Russia could become legal no earlier than 2024.

Anatoly Aksakov spoke to the participants of the specialized section of the SPIEF dedicated to the issues of mining crypto assets. The State Duma plans to complete the approval of the bills necessary for the legalization of mining only in the fall of 2023, the deputy made it clear.

The chairman of the committee recalled that the use of crypto assets mined by miners will be possible only in international settlements and only with foreign partners. Domestic operations will be strictly prohibited.

According to the deputy, the legalization of the local mining market will not have any significant impact on the country’s economy, and the government’s goal is to legalize an existing business.

Unlike Anatoly Aksakov, Ivan Chebeskov, director of the Finance Ministry’s financial policy department, has a different opinion.

“According to the calculations of the Ministry of Finance, the profit of Russian miners is about 100 billion rubles. That is, under current conditions, budget revenues from taxation of the industry could amount to approximately 20 billion rubles. If the government creates the right prerequisites for the development of mining, then a multiple increase is possible, and, accordingly, a proportional increase in tax revenues to the budget,” Chebeskov said at the SPIEF session.

Earlier, Anatoly Aksakov said that the adoption of laws on the mining of crypto assets was postponed until the consideration of bills on administrative and criminal liability for the production and circulation of cryptocurrencies.