Major concern as Russian crypto mining bill remains delayed | cryptopolitan

On December 23, Anatoly Aksakov, Chairman of the Russian Congress Finance Committee, told a press conference that the Russian law on regulating cryptocurrency mining is postponed due to fears that it could serve as a conduit for capital flight, according to the most recent report by Russian news agency TASS.

I will not name the organizations that have slowed down the evolution of the bill. At the same time, critics of the bill say, it could create channels for capital flight from our country.

Anatoly Aksakov

The lawmaker went on to say that according to the general perception, it seems to be the act of buying cryptocurrencies; however, in reality, this would mainly involve an exodus of money from the nation.

This current danger is extremely worrying and has led to the postponement of the adoption of this law. Aksakov said he would meet with those critics and suggest that they work together to close the deal.

Despite this, he predicts that the measure will be enacted very soon. Aksakov has high hopes that this procedure would begin in Russia in January, which would be the first reading approval.

This would happen if the legislator succeeds in convincing the detractors that their point of view will undoubtedly be taken into consideration when the bill is revised at second reading.

Aksakov said there is also the possibility that this bill will remain postponed probably in case he fails to convince, given that they may have their own choices.

He said that despite this, he is certain that they will be able to agree on at least 90% of the outstanding issues in order to approve this bill.

Russia’s relationship with crypto

Russia’s relationship with crypto has a checkered past. In July, Russian President Putin signed a bill banning the use of virtual currencies such as Bitcoin or Ethereum to buy goods or services in the country.

However, the government is working to make the use of cryptocurrencies like Bitcoin and Ether legal for use in international trade as of January.

Russia’s central bank fiercely opposes the legality of such activities in the country, but in the face of Western sanctions imposed in response to Ukraine’s invasion, which have restricted the country’s access to financial markets and global resources. , she began to soften her stance.

Also, in related news, a senior member of the Central Bank of Russia reported that the bank intends to use cryptocurrencies for cross-border payments in trials with private companies. . The tests will be carried out in accordance with a specific legislative framework currently being developed.

Although Russia is preparing to accept bitcoin and cryptocurrency payments for imports, Aksakov has previously said that there is no intention to promote the use of these assets within Russian borders.

According to Aksakov, the company’s shift in strategy to cryptocurrencies was precipitated by an increase in demand for other currencies.

He said that due to the hike, they had been forced to look for other means of payment in order to facilitate the importation of items from other countries into the country.