St Petersburg International Economic Forum Puts Focus on Regulation of Crypto Mining

St. Petersburg International Economic Forum Highlights Crypto Mining Regulation and CBDC Cross-Border Credentials
The focus at the St. Petersburg International Economic Forum has shifted to crypto mining regulation, with government officials also emphasizing the cross-border potential of Russia’s CBDC.
A session at the event on June 6, titled “crypto mining and the use of cryptocurrencies in international payments,” gathered industry leaders to discuss the growing crypto mining sector in Russia. Bitcoin (BTC) mining remains dominant, with some miners also exploring tokens like Litecoin (LTC).
Key figures present at the event included Valery Seleznev, the first deputy chairman of the State Duma’s energy committee, and Russian Deputy Finance Ivan Chebeskov. Lawmaker Anton Tkachev and industry leaders like Sergey Bezdelov and Igor Runets also shared their insights.
The dialogue at the forum suggested a growing alignment between crypto mining chiefs and Moscow officials, hinting at potential legalization and regulation of the industry. The attendees explored regulatory frameworks and discussed opportunities for collaboration, including providing access to data centers for state projects and developing AI solutions.
Discussions also touched on financial incentives for miners, with a focus on attracting investments in the industry. Russian banks, facing limitations due to Western sanctions, may consider supporting crypto miners if regulatory clarity is provided.
The event also shed light on the digital ruble, Russia’s CBDC project. Anatoly Aksakov, Chairman of the State Duma Committee on the Financial Markets, mentioned that international settlements with the digital ruble could commence by the second half of 2025, paving the way for cross-border transactions in national digital currencies.
Officials highlighted the resilience of CBDC operations against sanctions or bans from third countries, signaling a potential shift towards digital currencies in international trade. SPIEF 2024, which began on June 5, will continue until June 8, showcasing the evolving landscape of crypto mining and digital currencies.