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- The Bank of Russia says Bitcoin mining may help support the ruble.
- Impact is acknowledged but difficult to measure because much activity remains in a gray area.
The Russian Central Bank has confirmed that Bitcoin mining activity is likely contributing to the strengthening of the ruble. Central Bank Governor Elvira Nabiullina stated that this sector is starting to become an additional supporting factor for the national currency, although its impact cannot yet be precisely quantified because much mining activity remains in a gray area and is not fully recorded in the official economic system.
Furthermore, Nabiullina believes that Bitcoin mining is starting to create its own economic impact. Beyond that, this sector is turning into another source of income as Russia’s digital economy keeps expanding.
Nevertheless, she remains cautious. The ruble is not influenced by a single factor. There are macroeconomic variables, trade policies, and the ever-changing global economic dynamics. Therefore, the influence of mining is acknowledged, but not presented as the sole determinant.
Russia Grows More Practical as Bitcoin Mining Enters the Economic Picture
On the other hand, this statement suggests that the Central Bank is starting to move towards a more pragmatic approach to the digital asset industry. For years, it had a reputation for being harsh, but now it appears more balanced. Bitcoin mining is recognized as part of the economic ecosystem, not just a stand-alone technological activity.
Furthermore, the growing number of mining players in Russia makes this sector difficult to ignore. There are value flows, there is energy activity, there is financial activity, and all of this is starting to move side by side with the existing economic system. Nabiullina’s delivery style is calm and unhurried, yet still conveys the impression that this sector now plays a significant role.
Ultimately, this statement suggests that Russia no longer views mining as merely “foreign,” but as a real economic element. In fact, there is a growing narrative that its presence could contribute to the stability of the ruble.
On the other hand, on December 8, we reported that Russia’s second-largest bank, VTB, approved a plan to pilot spot crypto trading in 2026 for elite clients.
Then, a few days earlier, on December 4, we also highlighted a statement by senior Kremlin adviser Maxim Oreshkin, who described Bitcoin mining revenue as an export and should even be included in national trade statistics.
Further back, in early July, we reported on the launch of a national registry to monitor mining equipment and electricity usage, with only registered legal entities permitted to mine.
As of press time, BTC is changing hands at about $88,885, slightly up 0.68% over the last 4 hours and 0.97% over the last 24 hours.
