Outflow Fears Attribute to Russia’s Crypto Mining Bill Delay

Russian legislators claimed that a bill to regulate crypto mining has been postponed.
The new effective date of this regulation is January 1.
The new law does not have the support of the government.

According to information that was made public on the 23rd of December, Russian legislators claimed that the measure to regulate cryptocurrency mining and mining operations had been postponed. Reportedly, this is because opponents are afraid of the organization turning to become a gateway for the flight of capital.

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This measure was first presented in the State Duma (the lower house of parliament) on November 17, 2022. State of Duma Financial Market Committee Chairman Anatoly Aksakov predicted that the measure would easily pass all three readings back in December.

However, according to the bill’s language, the effective date of its regulations is January 1. The deputy claims that cryptocurrency mining is expanding rapidly in Russia, but the industry lacks adequate legal control. However, the passage of the bill could be further delayed if no agreement is reached with competitors in January.

“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.

It is important to note that earlier this year, lawmakers rejected legislation that would have legalized cryptocurrency mining. They said it was hurried and didn’t address enough issues.

But there is a possibility that this measure will be different. A number of members of the opposing party in the House of Representatives first proposed the idea.

And despite the fact that the new law does not have the support of the government in the form of a formal sponsor, individuals such as Aksakov have been active in putting it together. They are also likely to facilitate its movement through the Duma.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.