The Bank of Russia has publicly stated that Bitcoin mining activity is likely contributing to the strengthening of the Russian ruble. Central Bank Governor Elvira Nabiullina confirmed that this sector is becoming "one of the additional factors contributing to the strong ruble exchange rate." However, she cautioned that the precise impact is difficult to quantify because a significant portion of mining "is still in a gray area" and not fully recorded in official economic statistics.
Nabiullina emphasized that mining is not a new phenomenon in 2025, and therefore it would be incorrect to attribute the ruble's recent strengthening solely to a sudden surge in activity. She described mining as creating its own economic impact and turning into another source of income as Russia's digital economy expands. The Governor's remarks signal a shift toward a more pragmatic and balanced view of the digital asset industry from an institution historically known for its harsh stance.
This acknowledgment aligns with a growing narrative among Russian officials that treats crypto-related flows as macro-relevant. Earlier in December, senior Kremlin adviser Maxim Oreshkin described Bitcoin mining revenue as an export that should be included in national trade statistics, noting that traditional ruble forecasts have been thrown off by underestimating these "invisible" financial flows.
The central bank's focus on measurement is tied to a broader push to formalize and "whiten" Russia's crypto market. First deputy chairman Vladimir Chistyukhin recently called for the urgent adoption of laws to "legalize" the cryptocurrency sector with strict restrictions. The Bank is also discussing trading rules with the Finance Ministry and Rosfinmonitoring, aiming to channel transactions through licensed market participants rather than informal venues.
Despite this regulatory push, State Duma Committee Chairman Anatoly Aksakov clarified that cryptocurrencies "will never" function as money inside Russia. The key takeaway for markets is that senior Russian policymakers are increasingly integrating mining-linked capital flows into their analysis of currency-market dynamics while working to bring the sector under greater regulatory oversight and visibility.
