Mining as a "White Swan" of the Russian Economy: What Should be Done Now?
In 2023, Russia has moved up to second place in the world in terms of cryptocurrency mining, behind only the United States. Russia is conducive to mining due to several natural advantages: a cold climate, a surplus of green energy, and skilled personnel. The mining industry is already using around 1 GW of electrical power. However, the mining industry has enormous growth potential that is essentially not being tapped at the moment: experts say that mining could consume up to 5 GW of electric power, which would enable Russia to become the leader in this new high-tech and rapidly developing industry. The further development of mining is hindered by a lack of regulation, as the industry is actually in a grey zone. However, the legalization of mining would not only contribute to more investment in Russia, the creation of new jobs, and an increase in tax payments to the budget, but would also create the foundation needed to develop cryptoeconomics in the country: from cross-border settlements in cryptocurrency to the development of Russia’s own solutions in this area. What steps need to be taken to legalize mining? What will mining provide Russia as a legal activity? How will mining affect energy and other related industries?
Moderator
Anna Zabroda,
Anchor, RBC
Panellists
Anatoly Aksakov,
Chairman of the Committee of the State Duma of the Federal Assembly of the Russian Federation on Financial Markets
Vladislav Davankov,
Deputy Chairman of the State Duma of the Federal Assembly of the Russian Federation
Nikolai Zagvozkin,
Head of thr Project, RBC Crypto
Denis Iordanidi,
General Director, Lighthouse; Member of the Coordinating Council for Digitalization, Russian Union of Industrialists and Entrepreneurs
Igor Runets,
Founder, General Director, BitRiver
Pavel Snikkars,
Deputy Minister of Energy of the Russian Federation
Ivan Chebeskov,
Director of the Department of Financial Policy, Ministry of Finance of the Russian Federation
