Russia’s crypto mining bill could be finalized in January 2023

Russia’s cryptocurrency mining bill, which would legalize crypto mining and the sale of mined crypto, could pass as soon as January, according to a report by the 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 that time, Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, provided the bill to pass the three parliamentary readings in December.

According to Aksakov, the passage of the bill was 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 capital flight from our country. Apparently, it will be the activity of buying cryptocurrencies, 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 will work with critics to revise the bill.

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

According to an Interfax report On November 18, the law would also allow Russian miners to sell cryptocurrencies mined within the country under an “experimental legal regime.” Cryptocurrency payments were forbidden in the country in July.

It should be noted that earlier this month, the Central Bank of the Russian Federation said that it conceptually supports the bill. However, the monetary authority is against allowing Russians to sell cryptocurrencies mined within the country, Interfax noted in a report on December 7. According to the central bank, miners should be allowed to sell cryptocurrencies mined only in non-resident currencies.

Despite the delay, Aksakov is optimistic that the mining bill could be revised to sufficiently address critics’ concerns, and that it will be ready for approval in January 2023. However, he noted that if no agreement is reached According to critics to next month, the passage of the bill could be further postponed.

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