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Cryptomining bill stalled over capital flight fears, says lawmaker

It was noted the bill would nevertheless be approved soon

MOSCOW, December 23. /TASS/. A bill on cryptocurrency mining regulation is being delayed over concerns that it could serve as a conduit for capital flight, Chairman of the Financial Market Committee of the State Duma (lower house) Anatoly Aksakov said at a press conference in TASS on Friday.

"I will not name the organizations that slowed down the movement of the bill. At the same time, according to the critics of the bill, it could create channels for capital flight from our country. Ostensibly, it will be the activity of buying cryptocurrency, but in fact, the main objective will be capital flight from our country. That risk probably exists. I’ll meet with these critics and say - let's finalize it together," the lawmaker said.

Aksakov noted the bill would nevertheless be approved soon. "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.