Russia‘s crypto mining legalization bill The country’s finance ministry acknowledged last-minute hurdles, and progress on the draft law is now “stalled”.
To finmarketThe country’s Deputy Finance Minister Aleksey Moiseev told reporters on Wednesday that the long awaited The bill – which proposes to legalize and tax industrial crypto mining – had hit yet another late roadblock.
Lawmakers broadly agree with the bill. And he had hoped to speed its progress through the State Duma, Russia’s parliament, in December. Some spoke optimistically about the law coming into force from January 1. Then it was extended till 1 February.
But while most lawmakers have backed the bill, which they think will help raise much-needed treasury funds, the central bank has been less keen to approve it.
Moiseev was quoted as saying:
“We are at a standstill again. There are objections not only from the Central Bank, but also from law enforcement agencies. Several meetings are planned on this matter. It is not that everyone has given up. We are trying to reach an agreement. Let’s hope so.”
Which last gasp ‘objections’ derailed the Russian mining bill?
The main architect of the bill, Chairman of the State Duma Committee on the Financial Market Anatoly Aksakov, suggested that “one of the participants in the discussion” raised late objections.
Central Banks Want Miners To Sell Their Coins As Soon As They Are Acquired, And Don’t Want “Private Cryptocurrencies” Like bitcoin (btc) “To enter the Russian economy.”
But it seems police or other law enforcement agencies are opposed to the idea – and are concerned that such a system would be easily open to abuse.
Aksakov said that “a participant” in the talks “suspected that the sales channels” that would be used by crypto miners “could be used to illegally withdraw funds abroad.”
The head of the committee said he would not name “the organization that slowed down the movement of the bill.” But he added that this “organization” was concerned that crypto miners “may be withdrawing capital from Russia.”
The bill, in its current form, states that miners can exchange their coins either on “foreign crypto exchanges” or through an experimental state-run crypto trading platform. This platform would need to be legislated in a separate bill.
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