Russian cryptocurrency mining bill could be finalized in January 2023

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Russia’s draft cryptocurrency mining law, which would legalize crypto mining and the sale of mined crypto, could be approved by January, according to a report by local news agency Tass on December 23. .

The bill was introduced in the State Duma, the lower house of parliament, on November 17, 2022. At the time, Anatoly Aksakov, chairman of the State Duma’s Committee on Financial Markets, expected that the bill passes the three parliamentary readings in December.

According to Aksakov, passage of the bill has been delayed because critics believe the bill could create a gateway for capital flight from Russia.

“…according to critics of the bill, it could create channels for the flight of capital from our country. Apparently, it will be the activity of buying cryptocurrency, but in fact the main objective will be the flight of capital from our country. “

Aksakov admitted that concerns about capital flight risks are legitimate and he will work with critics to revise the bill.

The Russian crypto mining bill, if passed, would allow Russians to mine cryptocurrency legally. Additionally, the bill would allow Russian miners to sell their mined cryptocurrencies on foreign platforms.

According to a Nov. 18 Interfax report, the law would also allow Russian miners to sell crypto mined in the country under an “experimental legal regime.” Cryptocurrency payments were banned in the country in July.

It should be noted that at the beginning of the month, the Central Bank of the Russian Federation declared that it conceptually supports the bill. However, the monetary authority opposes Russians selling domestically mined crypto, Interfax noted in a Dec. 7 report. According to the central bank, miners should be allowed to sell mined crypto only in foreign markets and to non-residents. .

Despite the delay, Aksakov is optimistic that the draft mining law could be revised to sufficiently address critics’ concerns and that it will be ready for approval in January 2023. However, he noted that if a deal does not is not concluded with critics by next month, passage of the bill could still be delayed.

In September, Russia created a draft framework to enable the use of cryptocurrencies for cross-border transactions. On December 19, TASS announced that the Russian central bank plans to test the use of cryptography to settle international transactions within the sandbox regulatory framework.

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