Key Takeaways
- Central Bank of Russia Governor Elvira Nabiullina said that crypto mining is one of several factors supporting the national currency.
- As of December 22, the currency hovered around $0.01265 per ruble
In a major development, Russia’s central bank has, for the first time, openly linked the country’s growing Bitcoin mining industry to the strengthening of the Ruble— the nation’s national currency—marking a notable shift in tone from an institution that has long treated cryptocurrencies with skepticism.
Speaking at a press conference this week, Central Bank of Russia Governor Elvira Nabiullina said that crypto mining is one of several factors supporting the national currency. She cautioned, however, that the scale of its contribution is difficult to measure because a significant share of mining activity remains outside formal reporting frameworks.
Her comments came in response to a question about the economic weight of the sector and its turnover. Nabiullina acknowledged that while mining-generated flows exist, the lack of transparency makes it challenging for policymakers to fully assess their macroeconomic impact.
The remarks arrive as the ruble continues to trade stronger than many analysts expected amid ongoing sanctions and capital controls. As of December 22, the currency hovered around $0.01265 per ruble, defying forecasts that external pressures would significantly weaken it. Officials and economists have increasingly pointed to unconventional sources of foreign currency inflows as partial explanations.
Among those voices is Maxim Oreshkin, a senior presidential aide, who has repeatedly described crypto mining as a form of export. Speaking earlier this year at the VTB Russia Calling forum, Oreshkin argued that mining should be viewed as a new category of external economic activity, even though it does not involve physical shipments of goods across borders. He stated that digital assets produced domestically are effectively sold abroad, generating foreign-currency revenue that enters the economy in less visible ways.
That assessment has gained traction as Russia’s miners continue operating at scale, benefiting from relatively low energy costs and cold climates in several regions. Industry estimates suggest that Russian operations generate tens of thousands of bitcoins each year, with daily revenues running into the billions of rubles. Much of that income is earned in hard currency, which analysts say can help offset restrictions on traditional exports and financial flows.
Nabiullina reiterated that uncertainty surrounding the sector’s legal and economic footprint complicates policy planning. While Russia has moved to legalize and regulate certain aspects of mining, enforcement and reporting gaps persist.
