Russia’s Crypto Mining Bill Delayed Amid Capital Outflow Fears

Key Points:

• Russia’s crypto mining bill could be pushed back over fears it could act as a conduit for capital flight.
• However, the bill is expected to be passed soon.

On December 23, it was reported by the Russian news agency TASS that the Chairman of the Financial Markets Committee of the State Duma Anatoly Aksakov and said the Russia’s Crypto Mining Bill has been delayed because critics fear it could become a channel for capital loss.

“I will not name the organizations that represent down the movement of the bill. At the same time, according to the critics of the bill, it could create channels for capital flight from our country. Ostensibly, it will be the activity of buying cryptocurrency , but in fact, the main objective will be capital flight from our country. That risk probably exists. I’ll meet with these critics and say – let’s finalize it together,” the lawmaker said.

However, Aksakov believes the bill will be passed soon, saying that it hopes to pass its first reading in January 2023. But the passage of the bill could be further delayed if no agreement is reached with competitors next month.

“I hope we will initiate this process in January – the approval in the first reading. This will transpire if I manage to convince the critics that their opinion will be definitely addressed when revising for the second reading. If we do not succeed, they have their own options; we will probably postpone [it]. Still, I believe we will be 90% able to come to terms in order to launch this bill for approval,” he added.

The bill was introduced in the Financial Markets Committee of the State Duma on 17 November 2022 and after being passed into law, Russians will be able to legally mine cryptocurrencies. In addition, the bill allows Russian miners to sell their mining cryptocurrencies on foreign platforms.

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