The focus on regulating crypto mining took center stage at the St. Petersburg International Economic Forum, with government officials also highlighting Russia’s CBDC for cross-border transactions.
According to RBC, speakers at the event discussed topics such as “crypto mining and the use of cryptocurrencies in international payments” on June 6. The crypto mining industry in Russia, particularly Bitcoin mining, is rapidly expanding, with some miners also turning their attention to tokens like Litecoin.
Key figures present at the forum included Valery Seleznev, the first deputy chairman of the State Duma’s energy committee, and Russian Deputy Finance Minister Ivan Chebeskov. Industry leaders like Sergey Bezdelov and Igor Runets also shared insights on the growth of the crypto mining sector.
Discussions revolved around regulatory issues, potential uses for data centers, and collaboration on artificial intelligence solutions. Participants talked about financial incentives for miners and the possibility of investment opportunities in the industry.
The event also shed light on the digital ruble and its potential for cross-border payments. Anatoly Aksakov, Chairman of the State Duma Committee on Financial Markets, mentioned that international settlements with the digital ruble could begin in the second half of 2025, paving the way for more widespread use of national digital currencies by 2029.
Overall, SPIEF 2024 served as a platform to discuss the future of crypto mining regulation and the advancement of digital currencies in international trade.