In a pivotal gathering on February 1st, the RBC Crypto Forum titled "Mining and Cryptocurrencies: Architecture for Growth" united government officials, and leaders from the cryptocurrency, mining, and investment sectors to discuss the future of digital assets in <a href="https://ultramining.com/news/en/russia-s-energy-ministry-charges-forward-to-legalize-crypto-mining/">Russia</a>. The forum was marked by candid conversations on the urgent need for regulatory frameworks, the untapped potential of Russian miners in international trade, and the burgeoning yet underregulated cryptocurrency user base in the country, according to <a href="https://www.rbc.ru/crypto/news/65bb9b419a794713cdefe7c7">RBC</a>. 
Andrey Lugovoi, a key figure in the State Duma, expressed frustration over the stagnation in establishing cryptocurrency regulations despite years of discussions and optimistic beginnings. His remarks underscored a widespread sentiment that, without legal clarity, Russia's digital asset sector remains in limbo. Anton Gorelkin pointed out the discrepancy between the central bank's negligible user statistics and the Finance Ministry's reports of Russians holding millions of cryptocurrency wallets, indicating a significant underestimation of the crypto engagement among the populace. 
The legal ambiguity surrounding mining was criticized by Valery Seleznev, who advocated for clear definitions to distinguish between the shades of mining activities and to recognize mining's potential as a valuable export commodity. Sergey Bezdelov highlighted the opportunity for miners to contribute significantly to Russia's international cryptocurrency liquidity, suggesting that proper regulation could unlock up to 240 billion rubles for foreign trade settlements. 
Sergei Kharinov's commentary on the digital financial assets (DFA) market painted a picture of a sector at the cusp of expansion, with the potential to reach volumes between 3 to 5 trillion rubles in the coming years, provided that a conducive regulatory environment is established.

Experts Call for Legal Framework for Cryptocurrencies and Mining in Russia

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